Naas Petrol leases industrial land in Al Kharj to build petrochemical plant

Lease term for the 25,799-sqm industrial land plot in Al Kharj Industrial City is 20 years.

Naas Petrol Factory Co. signed an agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to lease an industrial land plot in Al Kharj to build a petrochemical plant.

The annual lease value amounts to SAR 51,600, excluding VAT.

In a statement to Tadawul, Naas Petrol said it will lease a 25,799-square-meter industrial land plot in Al Kharj Industrial City for 20 years to establish a petrochemical manufacturing facility. The contract is registered under No. 126001148.

The company expects the financial impact to show once construction is completed and the plant commences commercial operations. It added that the deal involves no related parties.

The contract was awarded and signed on Aug. 3, the company said.

The project forms part of the company's expansion strategy to introduce new, high-quality petrochemical products, strengthen its competitive position in the Saudi market, and create new growth opportunities.