Saudi firm strikes$800 million deal for a petrochemical plant
(MEBG) – Saudi Arabia-based International Petrochemical Co (SIPC) has signed a deal with Huntsman Corp and Kvaerner Process Technology for the construction of an $800 million petrochemical complex in the industrial city of Jubail.
The deal calls for the production of 50,000 tons a year of butanediol using Kvaerner technology and 7,000 tons a year of maleic anhydride (MAN) using Huntsman technology. According to a Saudi official, some of the plant’s output will be exported to international markets.
SIPC officials had said the basic and front-end engineering will be completed in the third quarter of 2001 and the complex start-up is expected by the end of 2003.