18 November 2008 16:08 [Source: ICIS news]
LONDON (ICIS news)--SABIC and US oil and petrochemical major ExxonMobil have signed an agreement for a new multi-billion dollar elastomers project at their 50:50 joint ventures Kemya and Yanpet, the Saudi Arabian petrochemicals major said on Tuesday.
Saudi Basic Industries Corp (SABIC) said the two firms were progressing with detailed studies for the project, which would establish a domestic supply of more than 400,000 tonnes/year of carbon black, rubber and thermoplastic specialty polymers to serve emerging local and international markets.
The project would also include a vocational training institute and a product application development and support centre, it added.
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The final decision to implement the project, which would require board of director approval for both JVs, was subject to the completion of more detailed studies of economic feasibility and the completion of all other statutory procedures, said SABIC.
A company spokesman said no further details on timings on the project had been released at this stage.
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