Riyadh, Jubail Chemicals Storage and Services Company (JCSSC), a joint venture between SABIC and Royal Vopak of the Netherlands, and Sadara Chemical Company (Sadara) have entered into two agreements for the provision of liquid product storage and handling services at the King Fahd Industrial Port (KFIP) in Jubail, Kingdom of Saudi Arabia. The agreements with JCSSC will allow for the storage and export of Sadara's liquid products from the Kingdom.
Under the Tank Storage Construction Agreement, Sadara will sell to JCSSC for approximately SR 1.76 billion a tank farm that has been constructed by Sadara at Petrochemical Quay-2 (PCQ-2). This tank farm supplements JCSSC's terminal that is under construction and has been partly commissioned.
Under the Terminal Services Agreement, JCSSC will provide Sadara with liquid product storage and handling services at KFIP for an initial term of 20 years.
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Mohammed Al-Motawa
General Manager, Global Media
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About Sabic
Saudi Basic Industries Corporation (SABIC) ranks as the world's second largest diversified chemical company. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABIC recorded a net profit of SR 23.3 billion (US$ 6.2 billion) in 2014. Sales revenues for 2014 totaled SR 188.1 billion (US$ 50.2 billion). Total assets stood at SR 340 billion (US$ 90.7 billion) at the end of 2014.
SABIC's businesses are grouped into Chemicals, Polymers, Fertilizers, Metals and Innovative Plastics. It has significant research resources with innovation hubs in five key geographies - USA, Europe, Middle East, South East Asia and North East Asia. The company operates in more than 50 countries across the world with around 40,000 employees worldwide.
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent publicly traded on the Saudi stock exchange.
© Press Release 2015
