Riyadh – Mubasher: Saudi Basic Industries Corp (SABIC) on Tuesday started the commercial operation of a polyacetal plant in collaboration with US-based Celanese.
The financial impact of the plant’s operation will appear in SABIC’s results for the first quarter of 2018, according to a statement to the Saudi Stock Exchange (Tadawul).
On 20 April 2014, SABIC signed an agreement with Celanese to establish a polyacetal plant at a value of $387 million an annual capacity of 50,000 metric tonnes. The deal also included expanding operations in Ibn Sina complex.
“The new project [will] use methanol feedstock produced in Ibn Sina. The Polyacetal is a specialised high value-added chemical product [that] supports mainly the automotive, electronics, mechanical, and structural industries, and many other industrial applications,” SABIC's statement added.
SABIC’s stock inched down 0.4%, closing Tuesday at SAR 100.98.
