SABIC and ExxonMobil Evaluating Petrochemical Joint Venture on U.S. Gulf Coast
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Potential complex to be in Texas or Louisiana near natural gas
feedstock
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Complex would include a steam cracker and derivative units
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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
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SABIC and brands marked with ™ are trademarks of SABIC or its
subsidiaries or affiliates.
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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.
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