Saudi's SABIC, Mitsubishi Rayon JV signs build contract for $1.2 bln plants

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A joint venture of Saudi Basic Industries Corp (SABIC) and Mitsubishi Rayon has signed a contract to construct two plants in the east of the kingdom worth 4.5 billion riyals ($1.2 billion), a statement said on Thursday. The plants at Jubail Industrial City will be built by Taiwan's CTCI Corporation, with one producing annually 250,000 metric tonnes of Methyl Methacrylate Mo**mer (MMA) and the other 40,000 metric tonnes of Poly Methyl Methacrylate (PMMA) a year.

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