May 2, 2018 / 4:11 AM / 2 months ago

BRIEF-Saudi's SABIC, ExxonMobil To Create JV Petrochemical Industries In US-Gulf Coast

May 2 (Reuters) - SAUDI BASIC INDUSTRIES CORPORATION :

* UPDATES ON PROGRESS IN THE STUDY OF ESTABLISHMENT OF A JOINT VENTURE PETROCHEMICAL INDUSTRIES WITH ONE OF COMPANIES OF EXXONMOBIL IN US GULF COAST

* REACHES DECISION WITH EXXONMOBIL TO CREATE A JOINT VENTURE PETROCHEMICAL INDUSTRIES IN US GULF COAST, BASED ON PROJECT FEASIBILITY

* EPC CONTRACTS WAS SIGNED WITH CHIYODA KIEWIT JOINT VENTURE AND CTCI MCDERMOTT TO ESTABLISH PROJECT

* PROJECT ESTIMATED TO COST ABOUT $7.3 BILLION, (SABIC SHARE IS 50 PERCENT), FINANCED THROUGH ITS OWN RESOURCES AND OTHER FUNDING

* EPC CONTRACTS IS EXPECTED TO START IN INITIAL ENGINEERING AND CONSTRUCTION DURING Q2 OF THIS YEAR, EXPECTED TO BE COMPLETED DURING Q4 OF YEAR 2021

* PROJECT IS EXPECTED TO START UP DURING THE FIRST HALF OF 2022

* PROJECT INCLUDES ESTABLISHMENT OF AN ETHYLENE PRODUCTION UNIT WITH ANNUAL CAPACITY OF ABOUT 1.8 MILLION TONS, WHICH WILL FEED TWO POLYETHYLENE UNITS AND A MONOETHYLENE GLYCOL UNIT

* EXPECTS THAT THIS PROJECT WILL HAVE A POSITIVE IMPACT ON ITS CONSOLIDATED FINANCIAL STATEMENTS Source: (bit.ly/2rc3Quw) Further company coverage:

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