Saudi Advanced PP says project is 70% complete

02 July 2007 13:34  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi Arabian firm Advanced Polypropylene Co's (APPC) polypropylene and propylene dehydrogenation plants at Al-Jubail are 70% complete, a source close to the project said on Monday.

 

The complex will produce 450,000 tonnes/year each of PP and propylene.

 

The company is set to keep to its start-up deadline of February 2008.

 

South Korea's Samsung Engineering is overseeing the engineering, procurement and construction (EPC) for the project.

 

The $780m (€574m) project has received a boost from an initial public offering (IPO) on the Saudi Arabian stock exchange in December 2006, which was two-and-a-half times over subscribed.

 

Following the IPO, the company is 53% owned by Saudi Arabian and foreign investors, with foreign investment accounting for close to 15%.

 

The remaining 47% is owned by the state-run Saudi Industrial Development Fund, which has provided a long-term loan of $397m to APPC.

 

($1 = €0.74)

 

By: Prema Viswanathan
+65 6780 4359

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