Saudi Arabia’s Sabic studying joint venture with Exxon Mobil affiliate

Dubai: Saudi Basic Industries Corp (Sabic), one of the world’s largest petrochemicals groups, said on Monday it is studying launching a jointly-owned petrochemicals complex with an affiliate of Exxon Mobil. The project, to be located on the United States’ Gulf Coast, will include an ethylene production unit which will supply ethylene to other units to produce ethylene derivatives, Sabic said in the statement. The two parties will conduct studies before making a final investment decision, said Sabic. It did not name the Exxon Mobil affiliate.