| Country |
: |
Saudi Arabia |
| Project Value |
: |
USD 426,000,000 Estimated |
| Sector |
: |
Petrochemicals | Olefins & Aromatics |
|
Consultant |
: |
Fluor Arabia Limited
(FEED) |
|
PMC |
: |
Fluor Arabia Limited
|
|
Contractor |
: |
Daelim Industrial Company
(EPC) |
| Profile Type |
: |
Contract Project
|
| Associated Projects |
: |
Contract (9) |
|
Phase:
EPC - Execution
|
|
Completion: Q1 2012
|
|
|
|
| Background |
Saudi Kayan Petrochemical CompanySaudi Kayan Petrochemical Company plans to build an LDPE Plant as part of its petrochemical complex being developed in Al Jubail Industrial City, Saudi Arabia.
Basell is the technology provider.
Fluor CorporationFluor Corporation is the PMC and FEED study consultant. |
| Expected Events |
| Schedule |
Contract Phase/Phase |
Description |
| Q2 2012 |
Completion | Project expected to be completed
|
|
| Latest Events |
In March 2012, construction of the plant was ongoing.
In Q2 2012, the project is expected to be completed. |
| Previous Events |
In August 2010, construction of the plant started.
In July 2010, site preparations and engineering works were in progress.
On 26 December 2009, Daelim Engineering and Construction signed a letter of intent (LoI) to build the LDPE Plant.
On 19 December 2009, Daelim Engineering and Construction and CTCI submitted their revised commercial proposals for the EPC contract.
In September 2009, bidders submitted their commercial proposals for the EPC contract.
In August 2009, the EPC contract was retendered due to termination of the contract with Simon Carves.
On 24 January 2007, the EPC contract was awarded to Simon Carves.
In October 2006, the ITB for the EPC contract was issued.
In June 2005, the FEED contract was awarded to Fluor CorporationFluor Corporation for the whole complex.
In May 2005, the PMC contract was awarded to Fluor CorporationFluor Corporation for the whole complex. |
| Scope of Work |
Construction of an LDPE plant with a capacity of 300,000 t/y and associated facilities. |
| Financing Source |
In March 2011, Saudi KayanSaudi Kayan signed a USD 533.3 million murabaha facility agreement with Banque Saudi FransiBanque Saudi Fransi to finance part of the construction costs of the project. The deal would have a maturity of up to 10 years.
In August 2010, Saudi KayanSaudi Kayan announced it secured a seven-year, USD 1.2 billion loan from National Commercial BankNational Commercial Bank (NCB), to cover part of USD 2.5 billion in cost increases in building the project. The terms of the loan were not revealed by the company.
In July 2010, Saudi KayanSaudi Kayan was in the process of securing USD 2.5 billion loan that represents the 24% project cost increase.
In December 2008, Saudi KayanSaudi Kayan signed the last part of the USD 6 billion financing contract with Saudi Industrial Development FundSaudi Industrial Development Fund for a value of USD 533 million.
In May 2008, Saudi KayanSaudi Kayan signed a USD 6 billion financing contract with a group of banks and financial institutions for a period of 15 years.
In February 2008, the Public Investment FundPublic Investment Fund (PIF) approved a loan worth USD1.068 billion (SAR4 billion) to Al Kayan Petrochemical CompanyAl Kayan Petrochemical Company to finance part of the project.
In May 2007, Saudi KayanSaudi Kayan raised USD 6 billion in loan to part-finance the project. Kayan will get USD 1 billion from the government's Public Investment FundPublic Investment Fund, while the rest is arranged by Samba Financial GroupSamba Financial Group, Arab Banking Corporation, BNP ParibasBNP Paribas and HSBC Saudi ArabiaHSBC Saudi Arabia. The duration of the loan will be 15 years.
In May 2007, Saudi KayanSaudi Kayan offered an initial public offering (IPO) for a 45 % stake in its capital. |
| Contract Packages |
| Type |
Project Name |
Contract Value |
 |
Saudi Kayan - Jubail Petrochemicals Complex |
USD 12,500,000,000 |
|
Saudi Kayan - Jubail Petrochemicals Complex - Natural Alcohol Detergent Plant |
USD 130,000,000 |
|
Saudi Kayan - Jubail Petrochemicals Complex - Amines Plant |
USD 400,000,000 |
|
Saudi Kayan - Jubail Petrochemicals Complex - EO/EG Plant |
USD 500,000,000 |
|
Saudi Kayan - Jubail Petrochemicals Complex - HDPE Plant |
- |
|
Saudi Kayan - Jubail Petrochemicals Complex - Offsites and Utilities |
USD 600,000,000 |
|
Saudi Kayan - Jubail Petrochemicals Complex - Phenolics Complex |
USD 1,200,000,000 |
|
Saudi Kayan - Jubail Petrochemicals Complex - Polycarbonate Plant |
USD 1,300,000,000 |
|
Saudi Kayan - Jubail Petrochemicals Complex - Polypropylene Plant |
USD 341,000,000 |
|
Saudi Kayan - Jubail Petrochemicals Complex - Storage Tanks |
USD 79,000,000 |
|
| Project News |
|
|
| Schedule | Contract Phase/Phase | Description |
| May 2005 |
PMC | Contract awarded to Fluor CorporationFluor Corporation for the whole complex
|
| Jun 2005 |
FEED | Contract awarded to Fluor CorporationFluor Corporation for the whole complex
|
| Oct 2006 |
EPC | ITB issued
|
| Jan 2007 |
EPC | Contract awarded to Simon Carves
|
| Aug 2009 |
EPC | Contract with Simon Carves terminated
|
| Sep 2009 |
EPC | Bidders submitted their commercial proposals
|
| 19 Dec 2009 |
EPC | Bidders submitted their revised commercial proposals
|
| 26 Dec 2009 |
EPC | Daelim Engineering and Construction signed the LoI
- China Technical Consultants
- Daelim Engineering and Construction
- Samsung Engineering Company
|
- Daelim Engineering and Construction
|
|
| Aug 2010 |
EPC | Construction of the plant started
|
| Q2 2012 |
Completion | Project expected to be completed
|
|
|
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Master Project
Package Project
Contract Project
|
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