SABIC in talks to invest $344.4 mln in British plant: report

Logo of SABIC

Petrochemicals giant Saudi Basic Industries Corporation (SABIC) is in talks with British officials about investing $344.4 million to restart the hydrocarbon cracker unit in Teesside area and convert it to hydrogen.

The unit was closed for nearly a year, The Telegraph reported.

The talks form a part of broader trade talks between Saudi Minister of Commerce and Investment, Majid Al-Qasabi, and his British counterpart Kwasi Kwarteng in the past week.

According to data compiled by Argaam, Saudi Minister of Energy, Prince Abdulaziz bin Salman, and Kwarteng identified in May this year a number of areas related to energy cooperation under the umbrella of circular carbon economy.

This includes carbon capture, use and storage of hydrogen, clean fuels, direct air capture, and renewable energy sources.