Tecnimont wins $630m Saudi PE plants contract

11 May 2006 09:49  [Source: ICIS news]

LONDON (ICIS news)--Italian engineering contractor Tecnimont said on Thursday it had won a contract worth about $630m (Euro495m) to build two major polyethylene plants at Al Jubail, Saudi Arabia.

The contract, which includes logistics facilities, was signed on Wednesday with Saudi Ethylene & Polyethylene, a new company which has Tasnee Petrochemicals, Sahara Petrochemical and Basell as its main shareholders.

Awarded to Tecnimont subsidiary Maire Tecnimont, the contract covers the engineering, procurement, construction, precommissioning and commissioning of two 400,000 tonne/year plants: a high density polyethylene (hdPE) unit using Basell’s Hostalen technology, and a low density polyethylene (ldPE) facility employing Basell’s Lupotech T technology.

Both plants are scheduled for completion by the second half of 2008.

“This new contract contributes to strengthen our leading position in the polyolefin sector, especially in the Middle East which can be considered one of the crucial areas in the world economy,” said Fabrizio Di Amato, Maire Tecnimont chief executive.

By: Neil Sinclair
+44 20 8652 3214

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