Business | Oil & Gas
Jubail Chevron exports to start in September
Saudi-based Jubail Chevron Phillips petrochemical company said on Saturday it plans to export its first shipment next month.
- Reuters
- Published: 23:51 August 16, 2008
Riyadh: Saudi-based Jubail Chevron Phillips petrochemical company said on Saturday it plans to export its first shipment next month.
The firm, based in the eastern Saudi city of Jubail, will produce an annual 750,000 tonnes of styrene and 150,000 tonnes of polypropylene, Saudi Industrial Investment Group (SIIG) said in a statement posted on the bourse's website.
SIIG holds a 50 per cent in Jubail Chevron Phillips. Chevron Phillips Chemical Company holds an unspecified stake in Jubail Chevron Phillips which was built at a total cost of 4.5 billion riyals ($1.2 billion).
The start of commercial operations has been delayed by at least six months on initial launch plans.
Jubail Chevron Phillips is the second joint-venture between SIIG and Chevron Phillips Chemical.
Saudi Arabia is among the world's top suppliers of petrochemical products, Manufacturers there benefit from access to cheap feedstock and proximity to major markets in India and China.
Styrene, also known as vinyl benzene, is used to produce products such as synthetic rubber, fibreglass, insulation material and food containers. Polypropylene can be used in packaging, textiles, stationery and automotive components.
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