Saudi Basic Industries Corp (SABIC) on Tuesday said it signed a 50/50 joint venture agreement with Mitsubishi Rayon to build and operate two plants in Jubail.

"One of the plants will produce methyl methacrylate monomer and will be the biggest plant in the world at a capacity of 250,000 metric tons a year," SABIC said in a statement.

The other plant will produce polymethyl methacarylate with a capacity of 40 thousand metric tons a year, the statement said.