Al Reef Sugar Refinery Co. (RESRECO) signed on Wednesday an agreement with Germany’s BIA to build the kingdom’s largest sugar refinery at an estimated cost of SAR 1.2 billion, RESRECO said in a statement.
The new facility, set to be built in Jizan port, will have a capacity of 3,000 tons per day. When finished, it is expected to increase RESRECO’s market share to 30 percent within the first three years.
Construction on the project is said to begin within 90 days of the agreement date, while work is expected to be completed within 22 months.
RESRECO’s chief executive said the company had received government support worth SAR 800 million to launch the project.
Al Abdullatif Industrial Investment and Jazan Development Co. (Jazadco) each own a 15 percent stake, or SAR 45 million in RESRECO’s SAR 300 million capital.
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