Sabic awards $387m plastic plant deal
Al Khobar, July 10, 2013
Saudi Basic Industries Corp (Sabic) has awarded Spanish firm Dragados a $387 million contract to design and build a new 50,000 tonne-per-year polyacetal plant, Sabic said on Wednesday.
Dragados will start engineering in August and the project for Sabic's National Methanol Co is due to be completed in the first quarter of 2016, the chemicals company said in a statement.
National Methanol, better known as Ibn Sina, is 50-percent owned by Sabic, one of the world's largest chemical companies, while Celanese Corp and an affiliate of Duke Energy Corp each have a 25 per cent stake.
China National Chemical Engineering Co (CNCEC), Taiwan's CTCI and South Korea's Hanwha Engineering had also bid for the contract.
Sabic said in 2010 that the new facility, producing a plastic mainly used in the car industry, would require capital investment of nearly $400 million. - Reuters