Saudi Chevron joint venture to set up new petrochemical plant
The Saudi Industrial Investment Group (SIIG ) and a joint venture between the ChevronTexaco corporration and Phillips Petroleum company announced plans to construct a four billion Saudi riyal ($1.1 billion) expansion to their operating petrochemical complex in the Jubail Industrial Estate, reported Al-Sharq Al-Awsat.
The $650 million jointly-owned plant began operations in 2000, producing benzene and cyclohexane. The extension plant, which will manufacture benzene, styrene, ethylbenzene and propylene for local consumption and export to other Gulf Cooperation Council (GCC) markets, is set to commence operations in 2006.
In its first year of operation, the plant achieved production of 480,000 tons of benzene and 220,000 tons of cyclohexane. — (menareport.com)
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