JUBAIL, Saudi Arabia, April 25 (Reuters) - Saudi Basic Industries Corp (SABIC) and Exxon Mobil plan to make a final investment decision on their multi-billion dollar synthetic rubber project in Saudi Arabia in July, SABIC’s chief executive said on Wednesday.
“The decision will be made in July, the tenders are out but it doesn’t mean that the project is on,” Mohamed al-Mady told reporters. “If the prices of bids are high, we won’t proceed.”
The joint Kemya project would be able to produce more than 400,000 tonnes per year of rubber and synthetic polymers for domestic and international markets.
U.S. firm Jacobs Engineering and Japan’s Mitsui Engineering & Shipbuilding have already been contracted to do front-end engineering and design (FEED) work for the process units of the project at Jubail on the Gulf coast.