20 February 2008 10:35 [Source: ICIS news]
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SINGAPORE (ICIS news)--Samsung Engineering has signed additional procurement and construction contracts with Saudi Kayan Petrochemical worth $341m (€232m) to build a polypropylene (PP) plant as part of a new petrochemicals complex at Al-Jubail, a company spokesman said on Wednesday.
Its earlier $49m engineering contract for the project had been converted to a lumpsum turnkey basis, the spokesman said, adding that this was the first of seven projects at Kayan to be converted.
Samsung signed the other two contracts with Kayan for the project’s construction and procurement, he said.
One of the won (W) 239.2bn ($253.3m) orders was signed with the South Korean group, while the other $88m contract was concluded with Samsung’s subsidiary in Saudi Arabia, the spokesman, who declined to be named, added.
The 350,000 tonne/year project, which would be based on Basell's technology, would be completed by the end of August 2009, he said.
Samsung also won a contract in May last year to build an amines plant for Kayan and both were in talks to convert this to lumpsum turnkey basis, he added.
Saudi Basic Industries Corp (SABIC) owns a 35% stake in Saudi Kayan, while Kayan has 20%. The remaining 45% is held by public shareholders.
($1 = W944.23/€0.68)
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