08 December 2011 10:08 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Basic Industries Corporation (SABIC) announced late on Wednesday its affiliate, Saudi Arabian Fertilizer Company (SAFCO) has awarded a turnkey contract for the engineering design, supply and construction of a fertilizer plant to Italian company Saipem.
The 1.1m tonne/year urea unit, which will be named SAFCO-5, will cost Saudi riyals (SR) 2bn ($533.3m) to build and commercial production is expected to start in the third quarter of 2014, the statement said.
The construction of the plant began on 6 December this year, the statement added, without specifying the unit’s location.
“The new project will strengthen SAFCO’s operational and performance reliability, and help boost its competitiveness in the global chemical fertilizer industry,” said Mohamed Al-Mady, chairman at SAFCO and vice-chairman at SABIC.
($1 = SR3.75)
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