NatPet to start up Saudi propylene project in May

11 April 2007 11:40  [Source: ICIS news]

NatPet to start Saudi propylene project in MayLONDON (ICIS news)--Saudi Arabian National Petrochemical Co (NatPet) plans to start up its propane dehydrogenation (PDH) plant in Yanbu, Saudi Arabia in May, a spokesman for the engineering group Lurgi said on Wednesday.

 

Lurgi is responsible for construction of the 400,000 tonne/year PDH plant, which is based on UOP technology.

 

The NatPet project includes a polypropylene (PP) plant, based on Basell technology, and associated facilities and utilities.

 

Financing of $411.1m (€304.2m) for the project was finalised on 4 April 2007, according to law firm Shearman & Sterling, adviser to the mandated lead arrangers.

 

The financing was structured to integrate with parallel secured funding by the Saudi Industrial Development Fund (SIDF), and additional funding is expected from the Public Investment Fund (PIF), Shearman & Sterling said.

 

($1=€0.74)


By: Anna Jagger
+44 20 8652 3214



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