29 October 2007 17:21 [Source: ICIS news]
MUMBAI (ICIS news)--Saudi Basic Industries Corp (SABIC) has about a 25% stake in Middle East and Gulf petrochemicals investments coming on stream up to 2012, a senior consultant said on Monday.
Much of the new capacity will be coming on stream from three developments in Saudi Arabia: Arabian Petrochemical Company (Petrokemya), a unit of SABIC; Saudi Kayan Petrochemical Company, in which SABIC has a 35% stake; and Ibn Zahr, in which SABIC holds an 80% stake.
Petrokemya is expanding its cracker and vinyl complexes, Kayan is a grassroots project incorporating a cracker and several downstream units and Ibn Zahr is building an olefins conversion unit and expanding polypropylene capacity.
“The purchase of GE Plastics is a major strategic move resulting in acquisition of key engineering plastics technology and intellectual property,” said Nurallah Jivraj, a senior consultant for petroleum, chemicals and energy at Jacobs Consultancy, told the Asian Chemical and Petrochemical Investment conference in Mumbai.
SABIC has traditionally formed partnerships to access technology for bulk chemicals, fertilizers and metals sectors, he added.
The conference is jointly organised by ICIS and the Indian Chemical Council (ICC) and ends on Tuesday.
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