The Saudi Al-Rajhi Banking and Investment Corporation and the Syrian Daaboul Petrochemical Industries Company recently signed a $50 million a joint venture agreement to build the first ever Syrian benzene alkyls factory, reported Al-Sharq Al-Awsat .
The new Syrian plant is expected to produce heavy benzene alkyls used in detergent production. The factory’s target production is set at 30,000 tons of alkyls annually by using kerosene extracted from Syrian oil. Of this output, 20,000 tons will be locally marketed and the rest will be exported.
Al-Rajhi is one of the largest joint stock companies in the Kingdom, with a paid up capital of 2.3 billion Saudi riyals ($613 million). With its head office located in Riyadh, the corporation plans all its activities within the framework of the Islamic law, the Shariah.
The bank provides financial services for real estate, construction and industrial projects as well as offering facilities, different types of letters of warrantee, and letters of credit within legitimate contract formats. — (menareport.com)
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