Saudi Basic Industries Corp. has signed a memorandum of understanding to become a partner in OSOS Petrochemicals, a chemical project planned for Yanbu, Saudi Arabia. SABIC will spend two months reviewing the project. If both parties agree, they will then participate in an economic feasibility study. The plan is for SABIC to hold a 35% stake in the project, which is valued at $1 billion. Products will include polybutylene terephthalate, butanediol, tetrahydrofuran, and maleic anhydride, some of which will be produced in Saudi Arabia for the first time.