July 25, 2016 - 8:20 AM EDT
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SABIC and ExxonMobil Evaluating Petrochemical Joint Venture on U.S. Gulf Coast

  • Potential complex to be in Texas or Louisiana near natural gas feedstock
  • Complex would include a steam cracker and derivative units
  • Plans in early stages, final investment decision to follow study completion

SABIC and an affiliate of Exxon Mobil Corporation (ExxonMobil) are considering the potential development of a jointly owned petrochemical complex on the U.S. Gulf Coast.

If developed, the project would be located in Texas or Louisiana near natural gas feedstock and include a world-scale steam cracker and derivative units.

Before making final investment decisions, the companies will conduct necessary studies and work with state and local officials to help identify a potential site with adequate infrastructure access.

“We are focused on geographic diversification to supply new markets,” said Yousef Abdullah Al-Benyan, SABIC vice chairman and chief executive officer. “The proposed venture would capture competitive feedstock and reinforce SABIC’s strong position in the value chain.”

Neil Chapman, president of ExxonMobil Chemical Company, said: “We have the capability to design a project with a unique set of attributes that would make it competitive globally. That is vitally important as most of the chemical demand growth in the next several decades is anticipated to come from developing economies.”

ExxonMobil and SABIC have worked together for 35 years in major chemical joint ventures in Saudi Arabia.

NOTES TO EDITORS

  • SABIC and brands marked with ™ are trademarks of SABIC or its subsidiaries or affiliates.
  • SABIC should be written in every instance in all uppercase

ABOUT SABIC

SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. We manufacture on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.

We support our customers by identifying and developing opportunities in key end markets such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy.

SABIC recorded a net profit of SR 18.77 billion (US$ 5 billion) in 2015. Sales revenues for 2015 totaled SR 148.09 billion (US$ 39.49 billion). Total assets stood at SR 328.22 billion (US$ 87.53 billion) at the end of 2015.

SABIC has more than 40,000 employees worldwide and operates in more than 50 countries. Fostering innovation and a spirit of ingenuity, we have filed more than 10,960 patents, and have significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South East Asia and North East Asia.

The Saudi Arabian government owns 70 percent of SABIC shares with the remaining 30 percent publicly traded on the Saudi stock exchange.

At SABIC, we combine a rich track record of doing what others said couldn’t be done with a deep understanding of our customers. But our true impact is as a collaborative partner who can help our customers achieve their ambitions by finding solutions to their challenges. We call this ‘Chemistry that matters™’. www.sabic.com

About ExxonMobil Chemical Company

ExxonMobil Chemical Company is one of the largest petrochemical companies worldwide. The company holds leadership positions in some of the largest-volume and highest-growth commodity petrochemical products in the world. ExxonMobil Chemical Company has manufacturing capacity in every major region of the world, serving large and growing markets. More than 90 percent of the Company’s chemical capacity is integrated with large refineries or natural gas processing plants. To learn more, visit www.exxonmobilchemical.com.

SABIC
Susan LeBourdais, +1-413-448-6876
Corporate Communications
Americas Region
[email protected]


Source: Business Wire (July 25, 2016 - 8:20 AM EDT)

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