Korean Daelim wins $750m Saudi plant deal
Riyadh, May 21, 2011
South Korea's Daelim has won a contract to build a $750 million petrochemical plant for Saudi Arabia's Sahara Petrochemicals Company, the Saudi firm said on Saturday.
The project is a JV between Sahara and state-run miner Saudi Arabian Mining Company (Maaden) and has a production capacity of 250,000 T of caustic soda and 300,000 T of ethylene dichloride per year. Caustic soda is used for the refining of bauxite to alumina.
Daelim will perform the engineering, procurement and construction (EPC) work, Sahara said in a statement on Saudi Arabia's bourse website.
The project will be financed through banks and the state-run Saudi Industrial Development Fund (SIDF). The project is due to be completed in the fourth quarter of 2012, it added.
Maaden said in November it received a SR900 million loan ($240 million) from SIDF to finance the project.-Reuters