New Sabic European HQ to cost around Euro40m

07 October 2003 14:02  [Source: ICIS news]

LONDON (CNI)--Saudi Basic Industries Corp's (Sabic) new European headquarters building at Sittard in southeast Netherlands will cost around Euro40m ($46.5m) including purchase of the land, it was disclosed on Tuesday.

A spokesman for Sabic EuroPetrochemicals told CNI that about Euro5.2m of the capital cost would be provided by grants from the municipality of Sittard-Geleen and the Limburg regional authority.

Scheduled for completion in autumn (Q3/4) 2005, the approximately 11 000 square metre office complex will be designed to accommodate about 500 people.

The site chosen by Sabic is less than about 1 km from the company's temporary European HQ at Sittard. Its proximity to the homes of existing Sabic employees was a major factor in choosing to remain in the Sittard area, the Sabic EuroPetrochemicals spokesman said.

Sabic announced earlier today that the Bedrijven Stad Fortuna site at Sittard had been chosen because of its favourable located in relation to its production sites in nearby Geleen (Netherlands) and Gelsenkirchen (Germany).

By: Neil Sinclair
+44 20 8652 3214

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