Saudi Basic Industries Corp. (Sabic) and Saudi International Petroleum Co. (Sipchem) have inked a preliminary deal to build $4 billion worth of petrochemical plants fueled by gas that Riyadh has allocated to Sipchem. “The companies will utilize their existing infrastructure and manufacturing capacity to process Saudi Aramco feedstock allocated by Ministry of Petroleum for the new projects,” Sipchem said in a statement following the signing ceremony on Saturday. Petrochemical giant Sabic, which acquired GE Plastics in 2007, is owned 70% by the government, with the rest of its shares listed on the Saudi stock market (Tadawul). Sipchem is also listed on Tadawul.
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