(chemmonitor) -- The Jubail-based
Saudi Arabia polymers producer Advanced Petrochemicals Co and the Turkish, based
in Istanbul, trading company Bayegan Group, inked a MoU. According to the
agreement, the two companies will develop a new unit, which is assessed at about
USD 1 billion.
The new PDH and PP facility will be able to generate
around 500,000 tons of PP annually. The unit will be situated in
Advanced Petrochemicals Co will possess a 70% interest in the new
project, while the Turkey-based producer will own a 30% stake.