26 February 2013 14:45 [Source: ICIS news]
SHARM EL SHEIKH, Egypt (ICIS)--Commercial urea production at Saudi Arabian Fertilizer Co's (SAFCO) new urea plant is on track to begin in the second half of 2014, a company official at affiliate Saudi Basic Industries Corp (SABIC) said on Tuesday.
Speaking on the sidelines of the Arab Fertilizer Association (AFA) conference, the official said the 1.1m tonne/year urea plant, to be named SAFCO-5, is being built at a cost of $533m (€405m).
Construction of the unit started in late 2011.
SABIC owns a 42.99% stake in SAFCO while private investors hold 57.01%.
The AFA conference is being held in Sharm el Sheikh, Egypt, 26-28 February.
($1 = €0.76)
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