SEPC gets Riyadh finance for C2, PE project

21 April 2008 10:47  [Source: ICIS news]

DUBAI (ICIS news)--Saudi Ethylene & Polyethylene Co (SEPC) has secured Saudi riyals (SR) 1.5bn ($401m) in project finance from the Saudi Public Investment Fund, the Sahara Petrochemical Co subsidiary said in statement published on Sunday.

 

Commissioning and start-up of its Al-Jubail ethylene (C2) and PE project project is expected in August, with commercial operations set to begin in the fourth quarter of 2008, the company said.

 

The cracker is expected to produce about 1m tonnes/year of C2, 80% of which will be used as the primary feedstock for the production of approximately 800,000 tonnes/year of PE.

 

The plant will also produce 284,800 tonnes/year of propylene which will be sold under a long-term sales agreement. A small amount of gasoline by-product will also be sold to third parties.

 

SEPC is a joint venture of Sahara with 24.4%, Tasnee Petrochemical Co with 50.6% of the equity and Basell, part of LyondellBasell, holding the remaining 25%.

 

($1 = SR3.75)

 

For more on C2 and PE visit ICIS chemical intelligence

By: Abdelghani Henni
65 6780 4359

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