Sabic affiliate approves major expansion in PET
25.10.2005
The board of Sabic affiliate Ibn Rushd approved a major expansion of its PET capacity at a board meeting in Riyadh on Saturday. The project will add 230,000tpa of capacity to the existing 70,000tpa at the Yanbu complex on the Red Sea.
The investment, made in response to growing local and global demand from the packaging sector, is scheduled to come onstream in the second quarter of 2007. Sabic owns 53.9% of Ibn Rushd, which specialises in polyester feedstocks and aromatics; the remaining shares are held by a group of local and regional companies. Expansion of the company’s existing relatively small PET plant has been anticipated for several years.
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Source: PRW.com