Saudi Arabia: Sabic and Shell shelve plans


Issue 980 - 30 Oct 2014 | 1 minute read

Saudi Basic Industries Corp (Sabic) and Royal Dutch Shell have scrapped plans to expand a petrochemicals joint venture in Jubail, after disappointing feasibility studies. In a statement to the Tadawul stock exchange, Sabic said the decision to stop pursuing further development of the Saudi Petrochemical Company joint venture would not have a financial impact. “Sabic announces that they are not going to pursue this investment further because the studies’ results were not encouraging, but asserts that their relations will continue to develop through the exploration of any other expansion opportunities,” the statement said.

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