SIIG, Chevron Phillips Form Joint Venture

Saudi Industrial Investment Group (SIIG) and Chevron Phillips Petrochemical have formed a 50-50 joint venture company to establish a nylon manufacturing plant and other downstream petrochemical facilities in Saudi Arabia.

A total of $2bn will be invested in the joint venture, called Petrochemical Conversion Company, over the next two years.

Production at the new plants, to be established in the industrial city of Jubail, is expected to start in 2013.