SABIC Europe has decided to put the development of the cracker project on the Geleen-site (the Netherlands) on hold. The investment costs and financial risks are too high to realize a financially sound project on the Geleen site today, according to a press release of the company. “Main cause for the high investment costs is the current overstrained market situation in the global contracting and construction market due to the many investments projects in the oil, gas and energy market worldwide," it quoted the CEO of SABIC Europe as saying. "SABIC remains committed to its strategy of growth for the important European market. To realize this strategy, all options like upgrading of the current asset base, supply from the global SABIC system to strengthen the existing portfolio will be reviewed in the coming months."
