SABIC to invest in 14 new projects from 2012 to 2015, expand in Asia

Saudi Basic Industries Corp. (SABIC) plans to invest in 14 new projects to be carried out between 2012 and 2015, Vice-Chairman and Chief Executive Officer Al-Mady said. With several offices in India, the company is also looking for new ventures in the subcontinent. “India is a huge market, the government is thinking of attracting new investments and SABIC is looking at investments in India — if there are any good investments in petrochemicals there, products from refineries,” Al-Mady said in a Reuters report. A decision will be made this year on SABIC affiliate Saudi Arabian Fertilizers Co.’s (SAFCO) proposed 1 mln tpa urea factory in Jubail. Production is due to begin in H2-2013. A plan to build a facility with China’s Sinopec, estimated to cost at least US$1 bln, and to be operational by 2015, is on track. Operations at Saudi Kayan Petrochemicals will start commercial production in H2-2011.
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