Sabic: Letter of Intent Signed
Saudi Basic Industries Corporation (Sabic), Riyadh, Kingdom of Saudi Arabia, and Mitsubishi Rayon Company, Ltd. (MRC), Tokyo, Japan, have signed a letter of intent to found a 50/50 joint venture in the Kingdom of Saudi Arabia. The letter of intent covers the principal conditions of the intended joint venture with a value of USD 1 billion. It lays down the structure, technology, marketing and raw materials supply to the joint venture, which is planned to start operating in 2013.
According the letter of intent, the joint venture will employ the ethylene-based alpha process, supplied by a subsidiary of MRC, to manufacture methylmethacrylate monomer (MMA). Planned capacity is 250,000 t/a. In addition, the joint venture is planned to manufacture 30,000 t/a polymethylmethacrylate (PMMA). Sabic and MRC are also looking into the possibility of producing other products, which are named in the letter of intent.
Would you like to subscribe to our Newsletters on plastics technology and profit from the latest information?
Looking for a new challenge? Check out our jobs market!
Patents encourage innovation: Stay on the ball with the latest innovations in the plastics industry in our patents section.