18 June 2001 00:00 [Source: ACN]
National Petrochemical Industrialisation Co (NPIC) and Basell last week signed an agreement for a joint-venture PP project in Al-Jubail, Saudi Arabia. A new company named Saudi Polyolefins Co will be formed to operate the joint venture.
NPIC will hold a 75% stake in the project and Basell, 25%. The 450 000 tonne/year project, using Basell's Novolen technology, will start up by end-2003.
A 450 000 tonne/year propane dehydrogenation plant will also be built to feed the PP plant.
NPIC has received a US$100m loan from the Saudi Industrial Development Fund for the project (ACN 9 Oct, p29). Shareholders of NPIC include National Industrialisation Co, National Industries Group, Gulf Investment Corp, the Al-Zamil Group and Olyan.
ABB Lummus and Samsung Engineering have started detailed engineering work on the PP project.
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