Sabic, Exxon Mobil Affiliate Consider JV Petrochemical Complex Devt in US

  By Ahmed Al Omran

RIYADH--Saudi Basic Industries Corp. and an affiliate of Exxon Mobil Corp.(XOM) are considering the potential development of a join-venture petrochemical complex on the U.S. Gulf Coast, the two companies said Monday.

The project, if developed, will be located in Texas or Louisiana near natural gas feedstock and include a world-scale steam cracker and derivative units, the company, better known as Sabic, said.

No final decision on the investment has been made yet as the two companies plan to carry out studies and consult with state and local officials to help identify a potential site before making the decision, it added.

"We are focused on geographic diversification to supply new markets," said Yousef Abdullah Al-Benyan, vice chairman and chief executive of Sabic, one of the world's largest petrochemical companies.

Sabic and ExxonMobil have worked together for 35 years in major chemical joint ventures in Saudi Arabia, according to the statement.

Write to Ahmed Al Omran at alomran@wsj.com

(END) Dow Jones Newswires

July 25, 2016 12:31 ET (16:31 GMT)

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