By OGJ editors
Houston, Sept. 28 -- Saudi Basic Industries Corp. (Sabic) agreed to acquire Huntsman Petrochemicals (UK) Ltd. for $700 million.
Huntman's European base chemicals and polymers business will add "substantial capacity" to Sabic Europe, the company said. Subject to regulatory approvals, closing is expected by Dec. 31.
After closing, Sabic plans to complete a 400,000 tonne/year capacity polyethylene plant already under construction in Wilton, Teeside. The $150 million plant is slated to come on stream by late 2007.
The Huntsman unit operates a 865,000 tonne/year ethylene plant, a 400,000 tonne/year propylene cracker, and 1.3 million tonne/year aromatics facilities.
