(MENAFN) Saudi Basic Industries Corp (SABIC) petrochemicals group expects to make a decision in the second quarter of 2016 on whether to go ahead with a USD30 billion oil-to-chemicals plant project.
SABIC's acting vice chairman and CEO said the economics of the project, whose potential investment size he confirmed, were being assessed and there was a 50/50 chance it would proceed.
If it went ahead, he told Reuters in an interview in Seoul, the crude to supply the plant planned for Yanbu on the west coast of Saudi Arabia would be procured at market rates.
"It's a very large project, and that's why it requires more deep analysis and assessment. This is the type of project that really you need to assess because current crude prices influence the outcome of the project," he said.
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