Monday, Jun 25, 2007
Edited Press Release
LONDON (Dow Jones)--Bateman Litwin Monday said Litwin Europe Middle East B.V. is to lead a consortium to develop a $525 million phosphoric acid plant for Saudi Arabian Mining Co., known as Maaden.
Litwin Europe Middle East B.V. has been awarded a contract for the development of a 1.5 million tonne per annum fertilizer grade phosphoric acid plant for Maaden, a state-owned mining company in Saudi Arabia.
This follows the successful completion of the first phase, announced on Jul. 19, 2006, which focused on the basic design and finalisation of the project's scope and costs.
Litwin will now commence the second stage - the project execution process, which is to be carried out on an EPC (Engineering, Procurement and Construction) basis. The plant will be one of the largest of its kind in the world.
The total value of the contract is around $525 million, of which Litwin's share is slightly over $330 million. The estimated time frame for the entire project is 34 months.
Max Abitbol, President and CEO of Litwin Europe Middle East, said, "We are very pleased to lead the second stage of a phosphate project of such magnitude. This project further illustrates Litwin's leading position in the industry and the Company's ability to successfully utilise the synergies between project execution capabilities and advanced technology solutions.
"We believe this project can serve as a starting point for further expansion into the Saudi phosphate market."
Three production lines for Wet Phosphoric Acid Process based on the Yara Hemi-hydrate process technology, will be installed. Litwin has selected Tekfen Construction and Installation Co. Inc to provide construction services for the plant under a consortium agreement."
(END) Dow Jones Newswires
25-06-07 1033GMT
