The Saudi Basic Industries Company (SABIC) plans to sign several contracts over the next few days to purchase, enter strategic partnerships or form joint ventures with existing chemicals manufacturing plants in Europe and the United States.
SABIC personnel are currently visiting foreign companies and have begun preparing feasibility studies regarding the chemicals firms in question, company sources disclosed.
A senior executive in SABIC revealed that his company has been engaged in advanced talks with the Italian EniChem company to purchase a portion of ENI’s chemical factories, particularly those facing operational difficulties, reported Al-Sharq Al-Awsat.
SABIC is also on the approved shortlist of bidders for the purchase of DSM's petrochemical business, based in Holland. SABIC has reportedly held similar negotiations with a number of American and other European companies in a bid to find investment opportunities and expand its manufacturing base.
The Saudi giant is also reportedly discussing a proposal with the Iranian National Petrochemical Company to invest in a polymer project in Iran. —(Mena Report)
© 2001 Mena Report (www.menareport.com)
