Saudi Arabian Mining Co (Ma'aden) has signed a $5 billion financing deal with commercial banks and a state-owned investment fund to back its $7.5 billion phosphate production project in the kingdom, it said in a statement on Tuesday.
Saudi Aramco plans to produce 200 million cubic feet per day (cfd) of unconventional natural gas by 2018 to supply a new phosphate project and a power plant, an industry source said.
Opec member Saudi Arabia aims to develop shale
Billboards on the highway outside Turaif, a remote desert town in the far north of Saudi Arabia, foretell a glittering future of glass offices and palm-shaded residential streets. A future that won't rely on Saudi oil.
Saudi Arabian Mining Co (Ma'aden) said its third-quarter net profit more than trebled on the back of contract receipts from a phosphate joint venture, which helped offset declines in its gold and other fertiliser businesses.
US-based Mosaic, a top producer of phosphate and potash, will own 25 per cent of a new phosphate production joint venture in Saudi Arabia with Saudi Arabian Mining Company (Ma'aden) and Saudi Basic Industries Corporation (Sabic).
The Saudi Arabian Mining Company (Ma’aden) has signed an agreement with Sabic and the US-based Mosaic Company to develop a SR26 billion ($7 billion) fully integrated, world-class phosphate production facility in Saudi Ara
Saudi Arabian Mining Company (Maaden) aims to complete the financing for a $7 billion phosphate project by the end of the year, a senior executive at the firm said on Tuesday.
The cash will be used to fund the Umm Wual development