SABIC mulls 35% stake in Osos plastics project

15 January 2008 16:42  [Source: ICIS news]

LONDON (ICIS news)--SABIC on Tuesday said it was considering buying a 35% stake in an engineering plastics and specialty products project on Saudi Arabia’s Red Sea coast.

 

Saudi Basic Industries Corp (SABIC) agreed with Yanbu-based Osos Petrochemicals to consider a partnership in the $1bn-valued project, the petrochemicals major said in a statement on its website.

 

The company said it would carry out an economic feasibility study on the project and make a final decision on its investment in no less than two months.

 

The Osos project has a planned total capacity of more than 200,000 tonnes/year, including 60,000 tonnes/year of polybutylene terephthalate (PBT), a plastic used as an insulator in the electrical and electronics industries.

By: Mark Watts
+44 20 8652 3214

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