Dec 22 2011 |
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Tasnee, Sahara sign SR5.25bn funding deal for petchem projects
By P. K. ABDUL GHAFOUR JEDDAH: The National Industrialization Co. ( Tasnee ) and Sahara Petrochemical Co. announced Wednesday that they have signed an SR5.25-billion financing deal with nine Saudi banks to support their three joint ventures: Saudi Acrylic Acid Co., Saudi Acrylic Monomers Co. and Saudi Polyolefins Co."The agreement is signed for 16 years as the two will pay back the amount in half-yearly installments for providing finance required for their acrylic acid project in the petrochemical complex of the Jubail Industrial City," an official statement said.
Tasnee and Sahara have already signed agreements to start engineering, procurement, and early construction works at their $1.07bn acrylic acid project.
The technology transfer and marketing contracts have already been signed with US-based Rohm and Haas Co., a fully-owned unit of Dow Chemical Co. Dow Chemical Co., which owns 25 percent of the project is expected to start operations in the first quarter of 2013, the statement said.
Tasnee has a 52.3 percent stake in Saudi Acrylic Acid Co. while Sahara holds 43.16 percent of its shares.
Tasnee and Sahara have 39.2 percent and 32.37 stakes respectively in Saudi Acrylic Monomers Co. and Saudi Polyolefins Co.
Sahara had earlier awarded a contract to South Korea's Daelim Industrial Co . to construct a caustic soda and diethylene chloride project at Al-Jubail.
The project, when completed and on stream by the third quarter of 2012, will produce 250,000 tons per annum (tpa) of concentric caustic soda and 300,000 tpa of di-ethylene.
Tasnee produces propylene and polypropylene through Saudi Polyolefin Company, its subsidiary.
The company has 450,000 mt of annual capacity each for propylene and polypropylene.
SPC is a joint venture owned 75 percent by Tasnee and 25 percent by Basil International Company (LyondellBasell's affiliate). SPC's key end markets are Saudi Arabia, Middle East, Europe, and Asia.
© Arab News 2011
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