project was undertaken by SABIC at Yanbu Industrial City as an extension of SABIC's ambitious plan to significantly increase production of basic petrochemicals, intermediates and polymers by 2008," SABIC Chief Executive Officer Mohammed Al-Mady said in the statement. Sources close to the deal said work would start immediately on building the plant. They gave no timetable for completion but said the agreement set a "challenging schedule". SABIC output reached 42.9 million tons last year and profits doubled to $3.8 billion.
