The National Petrochemicals Manufacturing Company recently signed a 600 million Saudi riyal ($160 million) joint venture with the Bassel Middle East Holding Company. A new company will be established under the agreement, which will operate the propylene and polypropylene manufacturing plant currently under construction in the Jubeil Industrial Estate.
Investments in the factory are estimated at SR 2 billion ($533 million). Production is expected to begin in mid 2003, reported the London based Al-Hayat. –(MENA Report)
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