Aug 18 2011 |
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Tasnee, Evonik form JV
JUBAIL: The National Industrialization Company ( Tasnee ) has announced that the Saudi Acrylic Acid Company Ltd. (SAAC), one of the subsidiaries of Tasnee , and Sahara Olefins Company (TSOC), signed on Tuesday a joint venture agreement to participate with Evonik Stochhausen GmbH, Germany, to construct and operate a plant to produce 80,000 tons per year of super absorbent polymer (SAP) material at Tasnee Petrochemical Complex in Jubail Industrial City. Tasnee owns 52.3 percent of the SAAC.
Mubarak A. Al-Khafrah, Tasnee chairman, stated that 75 percent of the project will be owned by SAAC while Evonik will own 25 percent of the project and will provide the technology license to the project.
Both parties will market the product via Marketing Company that will be jointly owned by both Tasnee and Evonik.
Main feedstock will be glacial acrylic acid, which will be provided by Saudi Acrylic Monomer Company (SAMCO), SAAC's first project, which will be constructed in the same site and will start operation in the first quarter of 2013.
Evonik Stockhausen, a subsidiary of Germany-based Evonik Industries, which is one of the global leader groups specialized in the field of SAP and they are the largest global producer of it. The super absorbent polymer is used as a basic material for the manufacture of hygienic napkins and diapers plus other uses.
It is expected to begin production of SAP in the third quarter of 2013, with initial cost of more than SR1 billion. It will provide about 110 direct job opportunities and this number can be increased with the gradual expansion of the project.
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