13 Mar – Saudi SABIC to merge affiliate companies SADAF and PETROKEMYA
Saudi SABIC will merge its wholly-owned affiliate Saudi Petrochemical Company (SADAF) in its wholly-owned affiliate Arabian Petrochemical Company (PETROKEMYA), the company announced in a statement to the Saudi stock exchange, Tadawul.
As part of the merger, all assets, rights, liabilities, and obligations of SADAF will be transferred to PETROKEMYA. SADAF’s assets include six plants with a total production capacity of more than 4 million tons/year of ethylene, styrene, caustic soda, MTBE and ethanol.
The merger, which aims to create a more efficient and competitive entity, is expected to be completed during the second half of 2019.