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.