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SABIC signs two memorandums of understanding worth $1.5 billion

Published: Updated:

SABIC has signed two memorandums of understanding (MoU) with Germany’s SCHMID and RIWAQ Industrial Development to establish two silicon plants in the Jubail Industrial City in east Saudi Arabia, the Saudi petrochemicals major said on Tuesday.

SABIC said the Saudi Riyal (SR) 1.6bn ($427m) project would reinforce its intended push to develop Saudi downstream industries and attract foreign investment to the country.

SABIC also said on Tuesday it had committed to a SR4bn project providing part of the raw materials needed under a project agreement with Pan Asia PET, a project that will be launched by the Chinese company in Jazan Industrial City.

"This is part of SABIC's commitment to localising knowledge, technology and industry, maximising local content and attracting foreign investment, under its role to enabling Saudi 2030," said SABIC's CEO Yousef Al-Benyan.