The Royal Commission at Yanbu signed yesterday an agreement to allocate a 2 million square meter-land plot for the Saudi Poly Chem Co. project at a total value of over SAR 21 billion.
The project, which will be located in Yanbu Industrial City, will convert coal to petrochemical and chemical products, and is expected to create more than 1,500 jobs, the Commission said on Twitter.
Construction of the project will commence next year, while operations will begin in 2024, acting CEO of the Commission, Fahad Al-Qurashi, said.
The project’s memorandum of understanding was signed on the sidelines of Crown Prince Mohammed bin Salman's visit to China, RCJY added, noting that the joint venture will be set up with a Chinese investor.
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