SABIC and ExxonMobil form JV

SABIC is the operating partner for two long-standing JVs with ExxonMobil in the Kingdom of Saudi Arabia, Kemya in Jubail and Yanpet in Yanbu. Creation of the new JV represents a key milestone that allows the two companies to continue advancing the project, which is expected to create 600 new, permanent jobs, approximately 3500 indirect and induced jobs during operations, as well as 6000 construction jobs during the peak of construction.

Construction of the project, announced in 2016, is pending completion of the environmental permitting process. The plant is expected to be operational in the 2021 – 2022 timeframe.

“We are very pleased to announce the creation of what is now planned to be the third JV between our two companies,” said SABIC Vice Chairman and CEO, Yousef Al-Benyan. “We look forward to the next phase of the project, which supports not only our goals for global diversification, but also supports Saudi Vision 2030. In addition, we are proud of the role the project will play in enhancing the economic profile of San Patricio County, Texas,” Al-Benyan added.

“The new JV expands our long relationship with SABIC and builds on the success of several other joint projects,” said John Verity, President of the ExxonMobil Chemical Co. “The project will create value not only for both of our companies, but for the surrounding communities through the creation of jobs and economic growth. We appreciate the support we’re receiving, and look forward to continuing our conversations with San Patricio County residents and businesses as we progress.”

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/02052018/sabic-and-exxonmobil-form-jv/