SABIC mulls petchem complex JV with Exxon Mobil affiliate

Saudi Basic Industries Corp. (SABIC) is considering establishing a jointly owned petrochemical complex with an affiliate of Exxon Mobil Corp. in the US Gulf Coast.

The complex would include an ethylene production unit, which will produce raw materials for other facilities, the Saudi petrochemical producer said in a statement, without naming the Exxon Mobil affiliate.

The study comes as part of SABIC’s strategy to geographically diversify its operations and enhance its global market position.

Both companies will conduct feasibility studies required for the new facility and further developments be disclosed at a later date, it added.