In April, the US’ ChevronPhillips Chemical Company (CPC)was granted a licence by the Saudi Arabian General Investment Authority (SAGIA) to set up the new joint venture company to handle the project. NCP is a 50:50 joint venture of Saudi Industrial Investment Group (SIIG) and Arabian ChevronPhillips Petrochemical Company, a subsidiary of CPC.

The new project is CPC’s third in Jubail, where it is already involved in two 50:50 joint ventures with SIIG and a group of local investors. The existing projects are Saudi ChevronPhillips (SCP) and Jubail ChevronPhillips (JCP).

SCP, which is on stream, produces 550,000 t/y of benzene, 280,000 t/y of cyclohexane and 370,000 t/y of motor gasoline (mogas). Japan’s JGC Corporationis building the $1,200 million JCP complex.