Saudi state-led petrochemicals firm Sabic and Swiss specialty chemicals firm Clariant, in which the Saudi firm is poised to become the largest shareholder by buying almost 25% equity, have signed an MoU for cooperating in establishing a new business for the production of high performance materials.

Sabic says that the chemicals covered by the agreement – Sabic’s polyetherimide and polyphenylene ether resins and polycarbonate compounds and copolymers as well as Clariant’s...