Sabic decides against participating in OSOS petrochemicals projects

After several negotiations, Saudi Basic Industries Company (SABIC) has not been able to reach a final agreement on the project and has decided against participating in this project. This refers to a statement issued by the Saudi Basic Industries Company (SABIC) in January 2008, announcing the signing of a memorandum of understanding on an initial study to update the economic feasibility for entering as partner in OSOS petrochemicals project at Yanbu Industrial City. SABIC had agreed to consider a 35% stake in the joint venture polybutylene terephthalate complex. SABIC could have pulled out of the talks because of PBT's offtake cost.
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