May 21 2007 |
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Hyflux sets up JV with Saudi firms
JEDDAH -- A Singapore company, Hyflux, is setting up an S$45 million joint venture company with two Saudi Arabian partners -- private wealth management firm SEDCO and used oil collector and recycler LUBREC -- for a used-oil recycling plant in Jeddah.It will be Saudi Arabia's first membrane-based oil recycling plant turning used oil into high grade base oil for lubricants.
The tie-up will give Hyflux a 41.5 per cent stake in LUBREC, and access to a major used lubricant oil market worth some $40 million a year.
According to Hyflux estimates the used lube oil business in its key markets of Saudi Arabia, China, India and South East Asia is worth more than $1 billion.BY OUR CORRESPONDENT
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