17 June 2008 13:38 [Source: ICIS news]
DUBAI (ICIS news)--US-based Rohm and Haas and Tasnee Sahara Olefins Company (TSOC) have signed their joint-venture agreement to produce 250,000 tonnes/year of acrylic acid and esters in Saudi Arabia at an investment cost of $700m, TSOC said on Tuesday.
The partners had formed a joint-venture firm, the Saudi Acrylic Monomer Co, to run the plant planned for Al-Jubail, the company said, adding it was the first downstream chemical project of its kind in the ?xml:namespace>
TSOC had the exclusive rights to sell acrylic acid products within the Gulf Co-operation Council region, it said.
Rohm and Haas would consume the majority of the plant’s production to supply the needs of its downstream businesses, TSOC added.
Saudi Acrylic Monomer Company is 75% owned by TSOC and 25% by Rohm and Haas.
This was the first face to face meeting the companies had had since they announced the planned joint venture on 16 April.
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