Acetex Signs $1bn Saudi Joint Venture

NEW YORK, 21 April 2004 — Canada’s Acetex Corp. has signed a joint venture to build acetic acid, vinyl acetate monomer (VAM) and methanol projects in Saudi Arabia, Acetex said on Monday. The venture with National Petrochemical Industrialization Co. of Saudi Arabia will be located in Jubail Industrial City, Saudi Arabia, and have annual production capacity of approximately 500,000 tons of acetic acid, 275,000 tons of VAM and 1.8 million tons of methanol, Acetex said in a statement.