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Oil Refinery, Chemical & Petrochemical plant abstract at night. Image used for illustrative purpose. Getty Images
Saudi Top Trading Co. has signed a memorandum of understanding (MoU) with Rabigh Refining and Petrochemical Co. (Petro Rabigh) to establish a factory for 100 Saudi riyals ($26.59 million) in Rabigh Plastics Technology Complex, the firm said in an Arabic language statement to Saudi Arabia's Nomu - Parallel Market.
The factory will be built in two phases, the first phase costing SAR 60 million while the second phase will cost SAR40 million.
The new factory will cover an area of 34,000 square metres and produce 50,000 tons of polymer compounds, rubber, and industrial waxes annually for 30 years.
Petro Rabigh will be the supplier of polymer scrap materials, rubber, and industrial wax for the new factory.
(Writing by D Madhura; Editing by Anoop Menon)
