Sabic agrees JV with Mitsubishi Rayon
Riyadh, August 10, 2009
Saudi Basic Industries Corp (Sabic) has confirmed that it has signed a letter of intent with Japan's Mitsubishi Rayon to set up a joint venture with an estimated cost of $1 billion.
The plant would produce 250,000 tonnes per year of methyl methacrylate monomers and is expected to start production in 2013, Sabic said in a statement on the bourse website. -Reuters