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Oil, Gas, Petrochemical Industry News
News Release from: SABIC
Edited by the Processingtalk Editorial
Team on 26 July 2005
Polyolefins complex construction
agreement
SABIC have agreed an order with an Aker Kvaerner and China Petrochemical Corporation Joint Venture for the engineering, procurement and construction of its world-scale Polyolefins complex
Saudi Basic Industries Corporation (SABIC) has signed a Letter of Intent with an Aker Kvaerner and China Petrochemical Corporation (SINOPEC) Joint Venture for the engineering, procurement and construction of its world-scale Polyolefins complex, in Yanbu, Saudi Arabia Abdulrahman Al-Fageeh, President YANSAB, signed the LOI for SABIC, Mr Dennis Loeng for Aker Kvaerner and Mr Shia Biyo for SINOPEC
This article was originally published on Processingtalk on 18 Jul 2003 at 8.00am (UK)
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The annual capacity for the two units is 800,000 MT.
Mohamed Al-Mady, SABIC Vice Chairman and CEO said, "YANSAB is the newest SABIC affiliate.
It is a symbol of our of hard work and team efforts".
SABIC owns 55% of, and holds 10% of shares, with a list of 17 shareholders from local and regional companies.
The remaining shares will be made available for public subscription.
"In addition to the PP and LLDPE production capacity, YANSAB is intended to produce 1.3 million tpa of Ethylene; 400,000 tpa of Propylene; 500,000 tpa of High Density Polyethylene (HDPE); 700,000 tpa of Mono Ethylene Glycol (MEG); and 250,000 tpa of Benzene, Xylene and toluene compounds.
The complex will manufacture a wide range of basic chemicals, intermediates and polymer products.
This large capacity will strengthen SABIC's competitive capabilities in global markets".
SABIC is currently the second largest global Ethylene Glycol producer and is expected to become number one after the introduction of these new projects.
SABIC is the third world polyethylene manufacturer and the sixth world polypropylene manufacturer.
SABIC is the world's fourth largest polyolefins manufacturer.
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