Saudi Basic Industries Corp (Sabic) will not move ahead with plans to expand an existing petrochemical joint venture with Royal Dutch Shell in Saudi Arabia as the results of feasibility studies were not encouraging, Sabic said on Thursday.

Saudi Basic Industries Corp (Sabic) will not move ahead with plans to expand an existing petrochemical joint venture with Royal Dutch Shell in Saudi Arabia as the results of feasibility studies were not encouraging, Sabic said on Thursday, according to state news agency SPA.

The two partners in the SADAF joint venture in Jubail, on the Gulf coast of Saudi Arabia, first announced plans to explore an expansion of their petrochemical plant in 2012.

Sabic said the decision would not have any impact on its earnings. – Reuters