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October 07, 2008


SABIC quits USD 1 billion petro project talks

MEED reported that Saudi Basic Industries Corporation has pulled out of talks on taking a stake in a USD 1 billion petrochemical project.

SABIC had agreed with Yanbu based Osos Petrochemicals to consider taking a 35% stake in the joint venture polybutylene terephthalate complex. PBT's off take cost could be a reason for the breakdown of the talks.

Mr Ali Al Naimi Saudi oil minister said in April 2006 that Osos aims to produce engineering plastics and specialty products and plans to start production in 2010. It also plans to sell shares in an initial public offering.