THE sale of a giant North-East chemical plant was confirmed today - securing more than 800 jobs.

US-based Huntsman Corporation has sold its European Chemicals and Polymers Division to the Saudi Arabian Basic Industries Corporation (Sabic) after gaining the approval of industry regulators.

The sale, which sees 840 jobs transfer to Sabic, includes the petrochemical complex at Wilton as well as other facilities near Stockton, both on Teesside The Northern Echo reported in September that Sabic had agreed to buy the business for £440m and had pledged to invest £80m to finish the half-completed polythylene plant - the world's largest - at Wilton.

Peter Huntsman, President and CEO of Huntsman Corporation, announced today that it had completed the sale - which had been subject to scrutiny from industry regulators.

He added the sale was part of "our ongoing execution of our strategy to dramatically reduce debt."

Sabic has bought the cracker plant at Wilton, the aromatics business at North Tees, a paraxylene plant, whichj makes raw materials for polyester.

Huntsman's Hartlepool-based Pigments division and the Wilton-based aniline and nitrobenzene operations of its Polyurethanes division are not included in the sale.

Mohamed Al-Mady, vice chairman of Sabic, said: "I am pleased that the regulators have given their unconditional approval for this deal.

"This acquisition will enable us to accelerate our growth in Europe and strengthen our global market position. It will also provide additional value to our customers."