12 December 2007 18:12 [Source: ICIS news]
LONDON (ICIS news)--The boards of Huntsman and Saudi Arabia-based Al-Zamil Group have formally approved the joint venture to build a 27,000 tonne/year ethylene amines plant in Al-Jubail, the US company said on Wednesday.
The joint venture will be named Arabian Amines Company, Huntsman said, while also announcing awards for the engineering, procurement and construction (EPC) on the project and the approval of funding from the Saudi Industrial Development Fund (SIDF).
“The plant is scheduled to break ground in early 2008 and start up in January 2010,” it added.
“Funding for the new plant will come from the joint venture’s equity capital, supported by senior debt, which will include loans from the SIDF and commercial lenders,” it said.
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