SABIC awards ethylene glycol plant contract to Korea’s Samsung

27/12/2017 Argaam

 

Saudi Basic Industries Corp’s (SABIC) 75 percent-owned subsidiary Jubail United Petrochemical Co. awarded South Korea’s Samsung Engineering the engineering, procurement, and construction (EPC) services contract for the third ethylene glycol plant to expand operations in Jubail complex.

 

The contract value is estimated at nearly SAR 3.3 billion, the petrochemical producer said in a bourse statement on Wednesday.

 

The project will be financed from the company’s resources along with external commercial debts.

 

Construction works are expected to be finalized in Q4 2020, ahead of trial operations in H1 2021.

 

SABIC added that it expects a positive financial impact from this project on its consolidated financial statements.

 

The facility will produce annually 700,000 metric tons of monoethylene glycol, the primary feedstock for polyester manufacturing and anti-freeze.

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