Saudi company to use Ningxia coal

Chemical producer aims to diversify feedstock supply

Petrochemical producer Saudi Basic Industries Corp said on Friday that it will probably invest about $3 billion-$4 billion in a coal-based complex jointly with Shenhua Ningxia Coal Industry Group, because it was diversifying its feedstock supply options.

"It is a turning point for the company, because it is the first time we will attempt to use coal as a feedstock and we will continue to look into other feedstock possibilities to make our products," said Yousef Abdullah Al-Benyan, CEO of the Saudi Arabian company.