Saudi petrochemicals giant Sabic is to buy Shell’s 50% stake in their Sadaf petrochemical joint venture for $820mn in a deal announced 22 January. Sabic says the purchase is expected to be completed before the end of 2017.
The Sadaf complex is located at Jubail on Saudi Arabia’s Gulf coast and started up in 1986. It is one of the world’s largest petchems complexes, with capacity to produce over 4mn tons/year of a variety of chemicals including ethylene, styrene, ethanol, diethyl chloride and methyl tertiary butyl ether. (CONTINUED - 557 WORDS)