Mitsui & Co mulls Saudi petchem investment

08 February 2007 07:52  [Source: ICIS news]

SINGAPORE (ICIS news)--Mitsui & Co, the Japanese trading major, was considering investing in a cracker project in Saudi Arabia, a company spokesman said on Thursday.

“It is one of the investments that we have been considering, but we haven’t decided on anything,” he said.

The spokesman declined to say when a decision will be made and what other projects the company was considering.

Saudi International Petrochemical (Sipchem) is to build a $7bn cracker complex at Al Jubail, Saudi Arabia, which was expected to produce around 1.3m tonnes/year of ethylene and propylene.

These would be used as feedstock for the project’s high density polyethylene (HDPE), low density PE (LDPE), polypropylene (PP) and ethylene vinyl acetate (EVA) plants.

The proposed complex was expected to start up in 2011.

Sipchem and its potential partners – Mitsui, DuPont and Lucite – which have signed a feedstock allocation letter with Saudi Aramco, were currently working on the final agreements, the Saudi firm said earlier.

These were expected to be signed in early 2007.

By: Florence Tan
+65 6780 4359

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