Al-Kayan Awards Kellog Brown & Root EPC Contract For Olefins Plant
The Saudi Kayan Petrochemical Company (Al-Kayan) on 29 June awarded Kellogg Brown & Root (KBR) a contract for the engineering, procurement and construction (EPC) of a 1,350,000 tons/year olefins plant to be located at Al-Kayan’s cracker complex in Jubail Industrial City. Last April al-Kayan Petrochemical Company and Saudi Basic Industries Corporation (SABIC) announced the establishment of Al-Kayan (MEES, 8 May).
LOI With Fluor For Off-Site Utilities
Al-Kayan on 28 June signed a Letter of Intent (LOI) with Fluor Company to construct off-site utilities for the Jubail complex. Al-Kayan plans to operate a petrochemical complex with capacity exceeding 4mn t/y of chemical products. The planned petrochemical complex is estimated to cost $8bn, and this will be financed through 60% debt and 40% equity (MEES, 22 May). SABIC holds a 35% stake in the project, Al-Kayan (which was set up by Project Management and Development Company) holds a 20% stake, while the remaining 45% will be offered for public subscription by the end of this year.
