|
| Owner |
: |
Jv of Polysilicon Technology Company and Saudi Steel Pipe Company
|
| Shareholders |
: |
KCC Corporation - South Korea
Saudi Steel Pipe CompanySaudi Steel Pipe Company - Saudi Arabia
Mutajadedah Energy Company - Saudi Arabia
|
| Location |
: |
Jubail Industrial City 2, Jubail, Al Sharqiyah , Saudi Arabia
|
| Contract Type |
: |
EPC - Engineering, Procurement, Construction |
| Payment Terms |
: |
Lump Sum Turnkey (LSTK) |
| Facility Type |
: |
Polysilicon plant |
| Capacity |
: |
3,350 t/y of polysilicon |
|
| Background |
The Jv of Polysilicon Technology Company (PTC)Polysilicon Technology Company (PTC) and Saudi Steel Pipe Company (SSPC)Saudi Steel Pipe Company (SSPC) plans to build a polysilicon plant in Jubail Industrial City 2, Al Sharqiyah.
This is phase one of the project, the company plans to expand by implementing phase two that will increase production capacity to 12,000 t/y of polysilicon.
Polysilicon Technology Company is a 50:50 joint venture between Mutajadedah Energy Company (MEC) and KCC Corporation (KCC). MEC is owned by Swicorp Joussour CompanySwicorp Joussour Company (SJC) and Chemical Development Company (CDC).
The plant will produce polysilicon for the manufacturing of solar panels.
The production capacity for polysilicon at the plant will be the equivalent to 500 MW per year.
GT Advanced Technologies is the equipment and technology provider. |
| Expected Events |
| Schedule |
Contract Phase/Phase |
Description |
| Q4 2013 |
Completion | Project expected to be completed
|
|
| Latest Events |
In January 2012, construction of the plant started.
In Q4 2013, the project is expected to be completed. |
| Previous Events |
In November 2011, engineering works were ongoing.
In October 2011, the supply of equipment and technology contract was awarded to GT Advanced Technologies.
In August 2011, Polysilicon Technology Company (PTC)Polysilicon Technology Company (PTC) signed a partnership agreement with Saudi Steel Pipe Company (SSPC)Saudi Steel Pipe Company (SSPC) to enter the project on a joint venture basis.
In July 2011, engineering works were ongoing.
In March 2011, engineering works started.
In February 2011, the USD 378 million EPC contract was awarded to the consortium of Hyundai Engineering Company (construction) and KCC Engineering and Construction Corporation (engineering and procurement).
In 2011, the shares of Norsun company were bought by KCC Corporation to become one of the shareholders on the project.
On 20 June 2010, bidders submitted their proposals for the EPC contract.
On 27 March 2008, Swicorp announced that it has partnered with Chemical Development Company (CDC) and NorSun to build a polysilicon plant. |
| Scope of Work |
Construction of a polysilicon plant with all associated facilities. |
| Financing Source |
Deutsche BankDeutsche Bank is the financial adviser
In Q4 2011, the company is expected to finalize the financing for the project.
In the end of August 2011, the company is expected to receive bank commitments for the debt tranche. The deal includes an estimated USD 400 million of debt and it is expected to come from a group of local banks.
In April 2011, the company announced that it started approaching banks to finance the project. International and local banks, as well as export credit agencies (ECAs) were approached to supply the debt funding for the project which was estimated to cover 75% of the project cost. |
| Contract Packages |
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| Project News |
|
|
| Schedule | Contract Phase/Phase | Description |
| 27 Mar 2008 |
Announcement | Swicorp announced a JV with Chemical Development Company (CDC) and NorSun
|
| 20 Jun 2010 |
EPC | Bids submitted
|
| Feb 2011 |
EPC | Contract awarded to Hyundai Engineering Company and KCC Engineering and Construction Corporation
- CTCI Corporation
- Consortium of KCC Engineering and Construction Corporation and Hyundai Engineering Company
- Hanwha Corporation
- Samsung Engineering Company
- Technip
|
- CTCI Corporation
- Consortium of KCC Engineering and Construction Corporation and Hyundai Engineering Company
- Hanwha Corporation
- Samsung Engineering Company
- Technip
|
- Consortium of KCC Engineering and Construction Corporation and Hyundai Engineering Company
|
|
| Mar 2011 |
EPC | Engineering works started
|
| Aug 2011 |
Planning | Polysilicon Technology Company signed partnership agreement with Saudi Steel Pipe Company for the project
|
| Nov 2011 |
Supply & Installation | Contract awarded to GT Advanced Technologies
|
| Jan 2012 |
EPC | Construction of the plant started
|
| Q4 2013 |
Completion | Project expected to be completed
|
|
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