The Saudi Basic Industries Corporation (SABIC) announced today that it has agreed to purchase the United Kingdom-based Huntsman Petrochemicals Ltd for $700 million. The acquisition is a significant step in SABIC’s plans for global growth, and will add substantial capacity to SABIC’s Europe division.

Once the deal is completed, SABIC will take over construction of Huntsman’s 400,000tpa polyethylene plant in Wilton, UK, at a cost of around $150 million.

SABIC is the largest public company in the Middle East and one of the world’s 10 largest manufacturers of petrochemicals. It is a world market leader in the production of polyethylene, polypropylene, glycols, methanol, MTBE, fertilizers and polymers.

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