RIYADH, SAUDI ARABIA (June 27, 5 p.m. ET) — Saudi Basic Industries Corp. and ExxonMobil Chemical Co. have approved engineering, procurement and construction contracts for the specialty elastomers joint venture facility in Saudi Arabia.
The plant is being built at the Al-Jubail Petrochemical Co. complex in Al-Jubail, which currently produces ethylene and polyethylene.
The partners own the venture 50-50. When it is completed in 2015, the facility will be able to produce more than 400,000 metric tons of specialty rubbers for customers domestically and throughout the Middle East, Asia and Europe, companies previously said.
A year ago the firms awarded front-end engineering design contracts for the facility.