Sabic and Exxonmobil Chemical are looking to drum up interest from bidders for a new petrochemical project. Building petrochemical capacity is part of the kingdom's plan to diversify its economy away from oil exports. Sabic and Exxonmobil's chemical unit signed a preliminary agreement in November to establish the multi-billion dollar synthetic rubber joint venture at their plants in Jubail and Yanbu. The two companies would issue bid packages for the Jubail plant by the end of the year, Saudi-based contracting sources said. Executives from Sabic, Exxon and contracting companies were meeting to discuss the project, contractors said. The project would have a combined production capacity of 400,000 tons per year of carbon black, rubber and spewcialty polymers for both domestic and international sale. Plants would be based at the Kemya complex in Jubail and the Yanpet complex in Yanbu. Yanpet is a 50-50 joint venture between Mobil Yanbu Petrochemical, an affiliate of Exxonmobil Chemical and Sabic. Kemya is a 50-50 joint venture between Sabic and Exxon Chemical Arabia, also an affiliate of Exxonmobil Chemical. Plans for Yanpet have yet to be announced.