Saudi Basic Industries Corporation (Sabic) said on Tuesday its US subisidiary Sabic Americas has signed a deal with Lummus Technology to develop a technology to produce paraxylene.

The deal would allow Sabic Americas and Lummus, part of CB&I, commercialise the toluene methylation (TM) technology to produce paraxylene.

'This project is aligned with Sabic's strategy to be a technology provider and licensor,' Abdulrahman Al-Ubaid, Sabic's executive vice president for technology and innovation, said in a statement.-Reuters