Saudi Arabian petrochemical company Saudi Basic Industries Corporation or Sabic has announced an investment of $1.37 billion at its plant located at Teesside in England.
The company has been quoted by local reports as saying that the investment would strengthen operations at the plant and transform its chemical crackers.
This is expected to help reduce the carbon footprint of the plant by 60 percent in the first phase, which would apparently make it one of the least-carbon-emitting crackers in the world.
England’s Prime Minister Boris Johnson is said to have praised the decision of investment and said that it would create 1,000 jobs in the region.
It is also an endorsement for the chemical and processing industry of UK, he added.
Sabic produces chemicals, agri-nutrients and metals, with manufacturing units in America, Europe, Middle East and Asia Pacific.
In 2020, its overall production reached 60.8million metric tonnes.
Saudi Aramco, world’s biggest oil exporter company with more than 70 percent stake in Sabic, has also declared plans to become carbon-neutral by 2050.
This is in line with Saudi Arabia’s target of achieving net zero carbon emissions by 2060.
