Sabic to speculate practically £1bn in Teesside plant
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Sabic is one of the world’s largest petrochemical manufacturers, the company told Reuters, the investment of almost a billion is part of the company’s plans to initially reduce its carbon footprint by up to 60%.
Boris Johnson said the investment was a “huge vote of confidence” in the UK chemical industry. The prime minister said the deal will create and secure 1,000 jobs.
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Sabic said the investment would include strengthening Teesside operations and turning its site into “one of the world’s lowest carbon-emitting crackers.” A cracker is a facility that processes and heats hydrocarbons to make building blocks for all types of products.
Sabic manufactures chemicals, fertilizers, plastics and metals at its Wilton facility near Redcar, but also has storage and logistics facilities in North Tees and Teesport.
The announcement comes as the UK hosts the COP26 climate talks in Glasgow in November. The summit is seen as crucial to bringing climate change under control. For this conference, 200 countries will be asked about their plans to reduce emissions by 2030.
