SABIC: Sinopec JV cost up due to larger project scope

DUBAI, July 11 (Reuters) - Saudi Basic Industries Corp 2010.SE (SABIC) said on Saturday a 20 percent increase in the estimated cost of the Sinopec joint venture was due to the expanded scope of the petrochemicals plant.

"What changed is the scope of the project," SABIC Chief Executive Mohamed al-Mady told Al Arabiya television after the firm announced that the cost of the project is estimated at $3 billion, 20 percent more than the amount projected in June.

(Editing by Sugita Katyal)