| Country |
: |
Saudi Arabia |
| Project Value |
: |
USD 1,300,000,000 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) |
|
| Completed
|
|
Completion: 03 Oct 2011
|
|
|
|
| Background |
Saudi Kayan Petrochemical CompanySaudi Kayan Petrochemical Company plans to build a polycarbonate plant as part of its petrochemicals complex being developed in Al Jubail Industrial City, Saudi Arabia.
Asahi Kasei is the tecnology license provider.
Fluor CorporationFluor Corporation is the PMC and FEED study consultant. |
| Latest Events |
On 3 October 2011,the project was completed and commercial production started. |
| Previous Events |
In July 2011, commissioning of the plant was in progress.
In March 2011, commissioning of the plant was ongoing.
In December 2010, trial operations at the plant started.
In August 2010, commissioning of the plant started.
In July 2010, construction of the plant was completed.
In February 2010, construction was in progress.
In May 2008, Saudi KayanSaudi Kayan and Daelim Industrial Company signed the EPC contract.
In February 2007, the EPC contract was awarded to Daelim Industrial Company.
In November 2006, the bidders submitted their proposals for the EPC contract.
In October 2006, ITB for the EPC contract was issued.
In June 2005, the FEED contract was awarded to Fluor CorporationFluor Corporation for the whole project.
In May 2005, the PMC contract was awarded to Fluor CorporationFluor Corporation for the whole project. |
| Scope of Work |
Construction of a 260,000 t/y polycarbonate plant along with its 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 that 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. A financial closure is expected in May 2008.
In May 2007, Saudi KayanSaudi Kayan raised USD6 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 CorporationArab Banking Corporation, BNP ParibasBNP Paribas and HSBCHSBC Saudi Arabia. Sabic has planned to complete the financing by end of 2007 or early 2008. 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 - LDPE Plant |
USD 426,000,000 |
|
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 - 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
|
| Jun 2005 |
FEED | Contract awarded to Fluor CorporationFluor Corporation
|
| Oct 2006 |
EPC | ITB issued
|
| Nov 2006 |
EPC | Bidders submitted their proposals
|
| Feb 2007 |
EPC | Contract awarded to Daelim Industrial Company
|
|
|
- Daelim Industrial Company
|
|
| May 2008 |
EPC | Contract officially signed
|
| Jul 2010 |
EPC | Construction of the plant completed
|
| Aug 2010 |
Commissioning | Commissioning of the plant started
|
| Dec 2010 |
Commissioning | Trial operations at the plant started
|
| 03 Oct 2011 |
Completion | Project completed, and commercial production started
|
|
|
Key:
Master Project
Package Project
Contract Project
|
|
 |
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|
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