Jun 01 2010 |
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UAE's Emaar The Economic Citty & Total to build lube oil production facility at KAEC
JEDDAH, June 1st, 2010: Emaar, the Economic City ( EEC ), the Tadawul-listed company developing King Abdullah Economic City (KAEC) and Saudi Total Lubricants Company Ltd (SATLUB) part of Total the fourth largest publicly-traded integrated international oil and gas company, signed an agreement to establish a Lubricants manufacturing facility on approximately 65,000m2 of a leased plot in the Industrial Valley in KAEC.
The new state-of-the-art fully automated facility is Total's first plant in Saudi Arabia and will be commissioned in two years time. With an initial annual capacity of 25,000 MT of lubricants, the plant will produce automotive, industrial, marine lubricants and specialty products, serving a highly dynamic and demanding Saudi market with plans to export to foreign markets.With an initial investment of over $10m, this facility is expected to create employment opportunities for 50 people."Total's investment is evidence to KAEC's viability as hub to the 250 million consumer marketplace in the Middle East and North Africa" said Mr. Fahd Al-Rasheed, Managing Director and CEO of Emaar the Economic City .King Abdullah Economic City will be a unique and strategic location for SATLUB for a manufacturing facility, which will in addition to meeting the local requirements will also help export the products to Africa and other Middle East countries, Commented Mr. Christian Chammas, Executive Vice President -Total Refining & Marketing - Mediterranean & Middle East. Emaar , The Economic City is a Saudi joint stock company managed by UAE's Emaar Properties PJSC, one of the world’s largest property developers, and a number of high profile investors from Saudi Arabialeads the master-planning and development of the 168 million sq m King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
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