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MEEF - Middle East Engineering Projects News & Releases - previous page
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SAUDI KAYAN awards
two contracts for the construction of phenolics and polycarbonates
projects at Jubail Industrial City
SABIC affiliate, SAUDI KAYAN, has signed two letters of award
with the first contract being awarded to TECNICAS REUNIDAS GROUP to
construct a Phenolics Plant, to produce 240 kta of Bis-Phenol A.
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 The
second contract was awarded to DAELIM Industrial Co, Ltd. to
construct a Polycarbonate (PC) plant to produce 260 kta of PC.
The letters of award were signed by Mr. Abdullah S. Al-Rabeeah,
President of SAUDI KAYAN. Mutlaq Al-Morished, SABIC Vice
President Corporate Finance and Chairman of SAUDI KAYAN
explained that the company plans to go live in 2009 with an
annual capacity exceeding 4 million tons of varied petrochemical
products.
"These products will strengthen SABIC's competitiveness,
introduce specialty products for the first time in Saudi Arabia,
provide wide opportunities for the growth and diversity of
national downstream industries and create promising job
opportunities for Saudi citizens."
SAUDI KAYAN is currently under construction. SABIC holds 35
percent of the company's capital of SR 15 billion and the Kayan
Petrochemical Company holds 20 percent. The remaining 45 percent
will be offered for public subscription.
About SABIC:
Saudi Basic Industries Corporation (SABIC) is the largest public
company in the Middle East, ranked by market capitalization
(more than US$ 70 billion), and one of the world's 10 largest
petrochemicals manufacturers. The company is among the world's
market leaders in the production of polyethylene, polypropylene,
glycols, methanol, MTBE and fertilizers as well as the fourth
largest polymer producer.
SABIC's profit rose to a record SR 19.2 billion (US$ 5.1
billion) in 2005, a 35% increase on 2004 and the company's
highest profit since inception. Sales revenues for 2005 totaled
SR 78.3 billion (US$ 20.8 billion), making SABIC the largest and
most profitable public company in the Middle East.
SABIC operates six interlinked strategic business units: Basic
Chemicals, Intermediates, Specialized Products, Polymers,
Fertilizers and Metals. The company has significant research
resources and has dedicated Research and Technology centers in
Riyadh, Geleen in the Netherlands, Houston USA and Vadodara in
India. SABIC has more than 17,000 employees worldwide.
SABIC has two large production sites in Saudi Arabia - in Al-Jubail
and in Yanbu - comprising 18 world-scale complexes. Some of
these complexes are operated with multi-national joint venture
partners such as Exxon Mobil, Shell and Mitsubishi Chemicals.
SABIC's overall production capacity has increased from 35.4
million metric tons in 2001 to 46.7 million metric tons of
production in 2005.
Headquartered in Riyadh, SABIC was founded in 1976 when the
Saudi Arabian Government decided to use the hydrocarbon gases
associated with its oil production as the principal feedstock
for production of chemicals, polymers and fertilizers. The Saudi
Arabian Government owns 70% of SABIC shares with the remaining
30% held by private investors in Saudi Arabia and other Gulf
Cooperation Council countries.
SABIC Europe, headquartered in Sittard, the Netherlands, employs
nearly 2,450 people and operates two petrochemical production
sites in Geleen, the Netherlands and Gelsenkirchen in Germany
for the production of polypropylenes, polyethylenes and liquid
hydrocarbons. These are marketed by its European network of
sales offices and logistical hubs. In 2005, SABIC Europe
produced 2.5 million metric tons of polyolefins and 3.1 million
metric tons of basic chemicals, mainly for the European market.
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