In 2012, Kayan and Petrokemya, subsidiaries of Saudi Basic Industries (SABIC), have signed a memorandum of understanding to own and finance the project equally, situated at Kayan’s petrochemicals complex.
Kayan in a statement given to the Saudi bourse, noted that preliminary results of an economic feasibility study were not in line with the firm’s growth plans.
The dropped plant will have production capacity of around 35,000 tonnes per year, according to the Kayan’s statement that was announced in 2012.
The company also said in the same statement, that it will start production in the second half of 2014, reported Reuters.
