08 October 2012 14:12 [Source: ICIS news]
BUDAPEST (ICIS)--Saudi Arabia’s National Petrochemical Industrial (NATPET) and A Schulman of the US are targeting to bring on line a 100,000 tonne/year polypropylene (PP) compounding unit in Yanbu by the first quarter of 2015, a senior company executive said on Monday.
NATPET and A Schulman entered into a 50:50 joint venture in June this year to build the compounding unit in two phases, Hamed Khalil, NATPET’s vice president of marketing and sales said on the sidelines of 46th annual European Petrochemical Association (EPCA) meeting, in Budapest.
The first phase of the project is estimated to cost Saudi riyal (SR) 266m ($71m), which will be funded via 40% equity and 60% debt, the Saudi firm's parent company, Alujain, said in June.
The joint-venture PP compounding unit will be near NATPET’s 400,000 tonne/year PP plant in Yanbu.
“Our eligibility to have additional gas allocation is there...but it has still not been confirmed,” he added.
The annual EPCA meeting runs from 6-10 October.
($1 = SR3.75)
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