China firm wins $400 Sabic unit contract
Riyadh, November 14, 2012
Jubail Chemicals Storage and Services Company (JCSSC), a Sabic affiliate, has awarded EPC contracts for a new storage, handling and shipping terminal.
The contract for the terminal, at the King Fahd Industrial Port in Jubail, was won by China National Chemical Engineering Corporation (CNCEC).
The total investment in the project is estimated to be $400 million. The project will enable the continued growth of the petrochemical and downstream industries in Saudi Arabia, said a Sabic statement.
JCSSC is a joint venture in which Sabic holds 75 percent and Vopak 25 percent.
The plan is to finance the project from the parties’ own resources as well as through external funds. Once commissioned in early 2015, the storage capacity of the terminal will be approximately 250,000 cu m, the statement said.
The first phase will consist of around 40 commodity and specialty chemical storage tanks, complete with truck handling and ship loading facilities for five berths.
The investment in this industrial terminal will provide the petrochemical industry in Jubail with a critically important export facility, it said. – TradeArabia News Service
More Energy, Oil & Gas Stories
- $1bn Salalah IWPP opened officially
- Saudi oil exports plunge in March
- Kuwait replaces top oil sector officials
- Iran to boost diesel exports to Iraq
- European oil price investigation widens
- Key Iraq energy conference in Abu Dhabi
- Gulf Petrochem receives Meed award
- Mideast facing ‘double dilemma’ over oil future
- Taqa ranked top UAE energy firm by Forbes
- Ipic head appointed GEM chairman