Saudi Basic Industries Corporation (SABIC), the world’s fourth largest petrochemicals company, has opened a new polyacetal plant at the National Methanol Company complex in Jubail.
The facility has a capacity of 50,000 metric tonnes and comes under SABIC’s 2025 strategy provide new polymer solutions and the kingdom’s objectives of increasing local manufacturing, according to Saudi Press Agency.
SABIC said the plant would produce polyacetal, an engineering thermoplastic that can replace metal in precision parts, for customers in the automobile, construction consumer goods, electrical appliances and lighting sectors.
National Methanol Company is a SABIC joint venture with CTE Petrochemicals Company, a partnership between Celanese Corporation and Duke Energy. It began operations in 1984.
Saudi Arabia’s, for now, largest listed company posted an 18.6 per cent drop in the fourth quarter of 2017 it attributed to planned turnarounds at certain plants
The company expects to cut costs by 5-7 per cent this year and has announced plans for a $20bn complex to convert crude oil to chemicals in partnership with state oil giant Saudi Aramco.