25 November 2013 23:32 [Source: ICIS news]
HOUSTON (ICIS)--Saudi Arabian Mining Company (Ma’aden) has awarded a $600m (€444m) contract to Intecsa Industrial for the engineering and construction of a phosphate facility at the port city of Ras Al Khair, the fertilizer producer announced on Monday.
The plant is part of the Umm Wual project, a joint venture between Ma’aden, Saudi Basic Industries Corporation and Mosaic.
Madrid-based Intecsa is an engineering company with a background in building refineries and petrochemical plants.
The project, which is expected to cost $7bn, will be built in the northern region of Saudi Arabia at Wa'ad Al-Shammal Minerals Industrial City, and have additional facilities in Ras Al Khair Minerals Industrial City, which is located on the east coast of the kingdom.
Under the terms of the agreement, Ma’aden will own 60% of the venture, with Mosaic having a 25% stake and SABIC retaining 15% ownership of the greenfield project, to be known as Wa'ad Al Shamal, or "Northern Promise", Phosphate Project.
The project is being described as a highly cost-efficient operation and is expected to have an annual capacity of 3.5m tonnes of finished phosphate. Commencement of operations is scheduled for late 2016.
($1 = €0.74)
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