Saudi’s SABIC: ExxonMobil rubber JV to raise firms’ 2015 earnings

July 30, 2012
By

RIYADH, July 30 (Reuters) – Saudi Basic Industries Corp

(SABIC) and ExxonMobil Chemical Co said on Monday

their new rubber joint venture will start up in the second half

of 2015 with an immediate impact on the companies’ earnings.

SABIC Chief Executive Mohamed al-Mady said the two firms had

not yet decided how to finance the $3.4 billion plant but that

all options, including tapping debt markets, were open.

“We are two strong companies and we never had any problems

with financing,” he said at a press conference in Riyadh,

The plant will be located at the Kemya company, a 50/50

joint venture of SABIC and ExxonMobil Chemical, a unit of

ExxonMobil Corp set up in Saudi Arabia in 1979.

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