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Sabic set up JV for wood-plastic composite profiles

August 05/2020

MOSCOW (MRC) -- Through its Nusaned Investment vehicle, Saudi Arabian petrochemicals and plastics producer Sabic (Riyadh) has set up a joint venture said to be worth SAR 37m (EUR 8.4m) to own and operate a production facility for wood-plastic composite (WPC) profiles, said Plasteurope.

JV partner is Suhul Alkhalej, a Saudi industrial development and investment company. A location for the facility was not announced. The composites are used for decking and cladding, sheets and doors, and the portfolio will also extend to window and door profiles made of unplasticised PVC. Sabic will supply the polymer for manufacturing the products that it bills as more energy efficient than traditionally used construction materials.

Faisal Al-Bahair, who is VP for local content & business development in addition to being CEO of Nusaned Investment, said the new project fulfils Sabics strategy of investing in industrial SMEs, within the kingdoms "Saudi Vision 2030".

The new joint venture is Nusaneds second project, following an agreement signed in May 2019 with the Schmid Group (Freudenstadt / Germany) to establish the JV, Advance Energy Storage System Investment. Its focus is on manufacturing vanadium redox flow batteries at the third industrial city in Dammam / Saudi Arabia.

According to Sabic, Nusaned Investment through several projects contributed approximately SR 6.1 bn (EUR 1.4 bn) to Saudi Arabias GDP in 2019 and created more than 3,000 jobs. Nusaned Investment secured six deals in 2019 together worth SR 143m.

As MRC informed earlier, Sabic said that its polycarbonate manufacturing facility at Cartagena, Spain, is set to become the worlds first large-scale chemical production site to be run entirely on renewable power, following the signing of a major agreement.

According to MRC's ScanPlast report, Russia's estimated PC consumption (excluding imports and exports to/from Belarus) rose in January-May 2020 by 19% year on year to 38,900 tonnes  (32,700 tonnes a year earlier).

Saudi Basic Industries Corporation (Sabic) ranks among the world"s top petrochemical companies. The company is among the world"s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PP, PE, PK, PC granules, PC compounds, petrochemistry, Sabic.
Category:General News
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