Exxon and Saudi company betting heavy on plastics with Texas deal

June 17, 2019

Exxon Mobil Corp. and Saudi Arabia’s state-controlled petrochemicals company formally approved construction of a new $10 billion petrochemical complex in Texas that will process production from the Permian Basin’s booming oil and natural gas wells. Riyadh-headquartered petrochemicals giant Saudi Basic Industries Corporation (SABIC), 70 percent owned by the Saudi Arabian government, obtained the necessary approvals to set up the petrochemical joint venture - Gulf Coast Growth Ventures project -with US oil and gas giant Exxon Mobil near Corpus Christie, Texas in the Gulf Coast. The approval for the project was announced on June 13, with the specific mention the project also included environmental permits. The chemical complex will process production from the Eagle Ford and the Permian Basin into chemicals that are then used in plastics production.

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Magma Industries B.V.

Magma Industries has been providing quality fire retardant fluids, coatings, industrial additives and supplementary products with added value for well over 25 years. Magma got its start in 1990 as the fire retardant division of AD Chemicals. In 1993 Magma continued as an independent company. Since then, Magma became part of several International, investment companies but returned in 2010 in the AD International group.

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Spotlight

Magma Industries B.V.

Magma Industries has been providing quality fire retardant fluids, coatings, industrial additives and supplementary products with added value for well over 25 years. Magma got its start in 1990 as the fire retardant division of AD Chemicals. In 1993 Magma continued as an independent company. Since then, Magma became part of several International, investment companies but returned in 2010 in the AD International group.

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