SABIC plots major expansion

The Saudi industrial titan has confirmed plans to invest $6.4 billion in expansion of its production capacity.

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By  David Ingham Published  June 16, 2004

The board of Saudi Basic Industries Corporation (SABIC) has approved plans to invest SR24 billion (US $6.4 billion) in expansion of its operations. The company has already awarded a contract for the construction of a new petrochemical complex in Yanbu Industrial City to Foster Wheeler Energy Ltd. The facility will produce ethylene, ethylene glycol, polyethylene, and polypropylene products. According to a statement from SABIC, the complex will be one of the world’s largest petrochemical sites. The company considers itself world number two in ethylene glycol production and says it will become number one following construction of the Yanbu plant. Besides the investment in Yanbu, the company aims to increase production of flat steel products and methanol at its Hadeed and Ar-Razi subsidiaries. “These projects demonstrate SABIC’s plans for investment and its continuing strategy to become a leader in the global petrochemicals industry,“ said Mohamed Al-Mady, vice chairman and CEO, SABIC.”

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