Thursday, January 17, 2008

SABIC signs MOU with OSOS Petrochemicals

Saudi Basic Industries Corporation (SABIC) has inked a Memorandum of Understanding (MOU) with OSOS Petrochemicals (currently under formation), to partner OSOS Petrochemicals project at Yanbu industrial city. SABIC will hold 35% stake in the joint venture valued at US$1 billion. As per the MOU, SABIC will complete in no more than 2 months, the exploration and review all works, studies and agreements prior to updating the respective economic feasibility study. A final agreement will then be signed, should the two parties agree on the study.

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