Saudi Arabia’s International Methanol Company (IMC) signed a $240 million contract this week with Japan’s engineering and construction company Chiyoda Corporation and its Saudi Arabian affiliate Chiyoda Petrostar Limited (CPL) for the construction of a methanol plant.
Chiyoda and CPL were selected following an international competitive bidding to act as contractors for the engineering, procurement, construction and commissioning (EPCC) of IMC’s new Methanol Plant and associated utilities facility, with the capacity to produce 2,900 metric tons per day methanol.
The project involves design and construction of the plant with an annual production capacity of one million metric tons. The deal also includes associated utilities and offsite facilities for the plant to be built in Jubail Industrial City. Construction of the plant is scheduled to start next March.
A limited liability company, IMC is a joint venture between the Saudi International Petrochemical Company (SIPC) and Japan-Arabia Methanol Company (JAMC). Majority of Methanol produced from this plant will be taken off by JAMC.
JAMC is a Japanese limited liability company owned by a consortium of major Japanese companies led by Mitsui & Company Ltd. (55 percent). The Mitsubishi Corporation, Daicel Chemical Industries, Ltd. and Iino Kaiun Kaisha Ltd. hold a stake of 15 percent respectively.
SIPC is a privately held Saudi joint stock company established to invest in the petrochemical, chemical and hydrocarbon base industries. It is currently developing a petrochemicals complex in Jubail. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
