EPCA '05: Funding secured for PMD's Saudi cracker

25 September 2005 09:21  [Source: ICIS news]

VIENNA (ICIS news)--Financing has been secured for the privately-owned Project Management Development (PMD) cracker project at Al-Jubail, Saudi Arabia, despite earlier speculation that the project was struggling to secure funding, a source familiar with the project said.

 

But the source, speaking on the sidelines of the European Petrochemical Association (EPCA) annual conference, said start-up of the cracker complex would be in 2012, two years later than had been originally targeted.

 

The source dismissed earlier comments made to ICIS news that PMD was short of financing.

 

“The opposite was the case. Under Saudi Arabian stock market rules, a maximum of 60 investors can invest in any one project. PMD received funds from 128 individuals, and so the 60 successful investors had to be selected and money returned to the others,” the source said.

 

The project will be centred on a 1.3m tonne/year cracker with downstream linear-low density polyethylene (lldPE), polypropylene (PP) and cumene, phenol/acetone, bisphenol-A (BPA) and polycarbonate (PC) plants, the source added.

 

A feasibility study is due to be completed in June next year.

By: John Richardson
+65 6780 4359

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