(MENAFN) Saudi Basic Industries Corp (SABIC) announced that it inked an initial agreement with Tecnicas Reunidas, a Spanish oil engineering firm, to construct a petrochemical plant in Saudi Jubail, reported Arabian Business.
The world's biggest petrochemicals group by market value added that the deal for the project, which is forecasted to cost USD561 million, was signed by its subsidiary Petrokemya.
It said that initial operations at the acrylonitrile butadiene styrene (ABS) factory are scheduled to begin in 2014's last quarter, while annual output capacity is expected to reach 140,000 tons.
It is worth noting that ABS is used by the automotive industry, in addition to others.
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