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SABIC to purchase remaining 50% of SADAF from Shell

by ChemOrbis Editorial Team -
  • 23/01/2017 (16:02)
According to media reports, Saudi Basic Industries Corp (SABIC) signed a contract to acquire the remaining 50% of its petrochemical joint venture, known as SADAF, with Shell Arabia, a unit of Royal Dutch Shell, as part of its plan to develop its investments. The contract is worth $820 million, the reports revealed.

The reports also indicated that the acquisition agreement is expected to be validated by the end of 2017.

The joint venture between SABIC and Shell Arabia, known as SADAF and established in 1980, has six petrochemical plants, which have a combined production capacity of 4 million tons/year of chemicals. It produces ethylene, crude industrial ethanol and styrene in Jubail.

Shell also exited the plans to build a $6.5 billion petrochemical plant in Qatar in 2015 and a natural gas venture in Abu Dhabi in UAE in 2016. Shell also broke up refinery and natural gas ventures with Aramco last year.
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