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Mitsui, Nabaa mull $20 bln petchem plant

January 26/2010

JEDDAH, Saudi Arabia, (Reuters) -- Japan"s Mitsui & Co and Saudi Arabia"s Nabaa Industrial Development and Investment Co are considering building a $20 billion petrochemical complex in Yanbu, an industry source said.

Both companies will take a final investment decision when they complete feasibility studies by June this year, the source told Reuters at a mining exhibition in Jeddah, on the Red Sea coast.

"The feasibility has to prove if the project is viable," he said.

The complex would use crude oil as feedstock and is expected to produce 45 petrochemical products, he added.

The project, if feasible, would be operational by 2019, the source who declined to be identified said.

A second source could not say what the capacity of the complex would be but said it will be "several million tonnes" of petrochemicals.

Saudi Arabia aims to boost petrochemical output to 80 million tonnes per year in 2015 from 60 million tonnes.

Its state oil company Aramco has built a giant petrochemical complex with Japan"s Sumitomo Chemical in Rabigh, on the west coast.

Aramco also plans to develop major integrated refinery-based chemical complexes through joint ventures with Dow Chemical in Ras Tanura, with France"s Total in Jubail, and U.S. company ConocoPhillips in Yanbu.                             

Mitsui, Nabaa mull $20 bln petchem plant

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