This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Saudi Organometallic Chemicals Company Announces Start-up Of Tri-ethyl Aluminum (TEA) Facility In Saudi Arabia

Stocks in this article: ALB

AL-JUBAIL, Saudi Arabia, July 8, 2013 /PRNewswire/ -- Saudi Organometallic Chemicals Company (SOCC), a joint venture equally owned by Albemarle Netherlands B.V., a subsidiary of Albemarle Corporation (NYSE: ALB) and Saudi Specialty Chemical Company, an affiliate of Saudi Basic Industries Corporation (SABIC) announced today the initial start-up of its aluminum alkyls facility located in Al-Jubail, Saudi Arabia.  At capacity, it will manufacture 6,000 metric tons per year of tri-ethyl aluminum (TEA), a Ziegler Natta co-catalyst used in the plastics industry.  An ultra-low hydride grade of TEA (TEA-ULH) will also be produced at the SOCC plant.  This new facility is designed to meet the growing needs for TEA and ULH-TEA in the region, using raw materials supplied from member countries of the Gulf Cooperation Council.

(Logo: http://photos.prnewswire.com/prnh/20111129/MM14279LOGO)

"This state-of-the-art facility clearly demonstrates SOCC's commitment to providing a dependable supply of these essential products to the Middle East," stated Al Saurage, executive general manager of SOCC.  "This is a great achievement for our team and truly demonstrates the power of collaboration."

"Together with SABIC, we are bringing the production of our value-added products closer to the end-user," said Luke Kissam, CEO of Albemarle Corporation. "Successful expansion into high-growth regions such as Al-Jubail enables closer collaboration with our customers and supports our strategy for smart, sustainable growth."

Mohamed Al-Mady, SABIC vice chairman and CEO, commented, "The SOCC start-up is yet another milestone in SABIC's growth strategy in a highly competitive plastics market. We once again demonstrate our commitment to stimulate national economic growth, and build long-term relationships with our global customers."

The first batch of TEA, which was successfully completed in mid April, met or exceeded all commercial specifications. Full commercial production is scheduled to begin in the third quarter of 2013 once customer qualifications are completed. 

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs