Sabic Quits PBT Venture in Saudi Arabia

Sabic says it has decided not to take a 35% stake in a previously announced $1-billion polybutylene terephthalate (PBT) and related intermediates complex planned by Osos Petrochemicals (Yanbu, Saudi Arabia) at Yanbu. A memorandum of understanding was signed between Sabic and Osos last January. “After several negotiations, the parties did not reach a final agreement on this project, and therefore Sabic has decided against participating in this project,” Sabic says. Sabic did not give a reason for pulling out of the project, but a report in the Middle...

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