Saturday, Oct 16, 2010
BEIRUT (Zawya Dow Jones)--Saudi petrochemical producers Sahara Petrochemical Co. and National Industrialization Co. said Saturday their two joint ventures Saudi Acrylic Monomers Co. and Saudi Acrylic Acid Co. have signed agreements to start engineering, procurement, and early construction works at their 4 billion Saudi riyals ($1.07 billion) acrylic acid project.
The deals were signed with the consortium of Germany's Linde and South Korea's Samsung, the two companies said in separate statements posted on the Saudi bourse website, adding that the project is located in Jubail industrial city in the eastern part of Saudi Arabia.
The technology transfer and marketing contracts have already been signed with U.S.-based Rohm and Haas Co., a fully-owned unit of Dow Chemical Co., which owns 25% of the project that is expected to start operations in the first quarter of 2013, according to the statements.
The project has a designed annual capacity of 145,000 metric tons of crude acrylic acid, 145,000 tons of butyl acrylate, and 85,000 tons of pure acrylic acid, the two companies said.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2010 ABQ Zawya Ltd.
(END) Dow Jones Newswires
16-10-10 0814GMT
