MOSCOW (MRC) -- A decision on whether Saudi Basic Industries Corp (SABIC) will go ahead with a JV with ExxonMobil will likely be made by Q2 2017, SABIC's acting chief executive said, reported Reuters.
"We are positive it would go ahead," Yousef Abdullah al-Benyan added in an interview with Reuters.
As MRC wrote before, SABIC and an affiliate of Exxon Mobil Corporation are considering the potential development of a jointly owned petrochemical complex on the U.S. Gulf Coast. If developed, the project would be located in Texas or Louisiana near natural gas feedstock and include a world-scale steam cracker and derivative units. Before making final investment decisions, the companies will conduct necessary studies and work with state and local officials to help identify a potential site with adequate infrastructure access.
Saudi Basic Industries Corporation (Sabic) ranks among the worldпїЅs top petrochemical companies. The company is among the worldпїЅs market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.
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