Chevron Phillips, SIIG finalize $1 billion Saudi chemical project
The Chevron Phillips Chemical Company (CPChem) and the Saudi Industrial Investment Group (SIIG) are planning a major new investment at their existing aromatics complex in Al-Jubail, Saudi Arabia.
The venture will start production of benzene, styrene, ethyl benzene and propylene in the second half of 2006 with a total capital investment of approximately one billion dollars. Participating investors expect a majority of the facility’s styrene will be exported from the Arab Gulf region. Other products and co-products will be marketed locally.
The Saudi Chevron Phillips facility, which began operations in 2000, already produces benzene, utilizing CPChem’s proprietary Aromax technology, cyclohexane and motor gasoline. CPChem and SIIG recently announced a 60,000 metric ton-per-year expansion of the cyclohexane unit.
Houston-based Chevron Phillips Chemical, owned by the ChevronTexaco Corporation and Phillips Petroleum Company is a chemical products company and the world's largest producer and marketer of cyclohexane. SIIG is a consortium of Saudi businessmen and several Saudi public joint stock companies focused on industrial investment in the petrochemical industry in Saudi Arabia. — (menareport.com)
© 2002 Mena Report (www.menareport.com)