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Acetex to Establish US$1b Joint Venture in Saudi Arabia

Acetex Corp have finalised a joint venture agreement with National Petrochemical Industrialization Co to build a world class acetic acid, vinyl acetate monomer and methanol projects in Jubail, Saudi Arabia.

The proposed plant will have capacity to produce 500,000 tonnes of acetic acid, 275,000 tonnes of vinyl acetate monomer and 1,800,000 tonnes of methanol.

Production is scheduled to commence in 2007 following an investment of approximately US$1 billion. Acetex will own 50% of the acetic acid and vinyl acetate monomer company and 25% of the methanol company.

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