SABIC, Mitsubishi Rayon sign SR4.5bn deal for 2 plants
[wpResize]
A general view shows the headquarters of Saudi Basic Industries Corporation (SABIC) in Riyadh.
DUBAI: A joint venture of Saudi Basic Industries Corp. (SABIC) and Mitsubishi Rayon has signed a contract to construct two plants in the east of the Kingdom worth SR4.5 billion ($1.2 billion), a statement said on Thursday.
The plants at Jubail Industrial City will be built by Taiwan’s CTCI Corporation, with one producing annually 250,000 metric tons of Methyl Methacrylate Monomer (MMA) and the other 40,000 metric tons of Poly Methyl Methacrylate (PMMA) a year.
Construction has begun and should be completed in the first quarter of 2017, with commercial operations beginning later in that year. The project will be funded by the partners’ own cash as well as bank financing, the statement added.
[wpResize]
.::. Stories You May Like to Read .::.
Serial showing adultery during Ramadan flayed
Will Smith joins wife in not attending the Academy Awards
OIC to Organize Forum at UN on Anti-Muslim Discrimination
ISIS pushes back rival Syria insurgents near Turkey
Success of Saudi Energy 2014 reflects Kingdom’s fast growth
Iraqi forces storm Old City of ISIS-held Mosul, US reports progress
Man shot after attacking police outside Paris’ Notre Dame
Did Janet Jackson embrace Islam?
After Syria, ISIL plans Iraq dismemberment
Israel extends ex-PM Olmert’s prison sentence
Loading ...
You must be logged in to post a comment.