(MEBG) — By the end of July, Saudi Arabia's National Industrialisation Company (NIC) expects to have raised 500 million riyals ($133 million) for a polypropylene plant in plans on building in Jubail
Speaking to the London- based, Saudi-owned Asharq al-Awsat newspaper, the company’s general manager, Muayed Isa al-Qurtas, said that the 500 million riyals represent a 75 percent stake held by Saudi partners in the joint venture project with Targor, a subsidiary of Germany's BASF. He said Targor, with a 25 percent stake, would contribute a further 100 million .
"Initial subscription has taken place for the majority of the (500 million riyal) sum and a local firm is being set up to control the Saudi stake," the NIC general manager said.
The planned plant will have a production capacity of 450,000 tons of polypropylene per annum. Production is scheduled to begin in 2003, and would mainly cater to local demand.
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