Saudi's PetroRabigh in petchem plant deal
Riyadh, July 14, 2010
Saudi Arabia-based PetroRabigh will supply petrochemical feedstock for a new plant Saudi Advanced Industries Company (SAIC) and Tasnee are building, it said on Wednesday.
PetroRabigh is controlled by Japan's Sumitomo Chemical and state oil giant Saudi Aramco.
It is to provide 100,000 metric tonnes annually of feedstock for the production of 120,000 metric tonnes of polyether polyols, used in making polyurethanes, PetroRabigh said in a statement on the Saudi bourse website. It did not give a value for the deal.
The project, scheduled to begin production in the fourth quarter of 2013, is expected to cost between 375 million ($100 million) and 400 million Saudi riyals and will be located in Rabigh, on the Red Sea coast of Saudi Arabia, the statement said.
Polyurethane is used in the construction, automotive, appliance and furniture industries.-Reuters
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