Al Reef Sugar Refinery Co. has received the fuel allocation from the petroleum ministry and is set to begin construction on its SAR 1.2 billion Jizan refinery, Al Madina newspaper reported, citing the company’s chairman, Abdul Khaliq Saeed.
The new refinery will have a production capacity of 1 million tons per year and is expected to begin commercial operations in 2017.
The project will provide about 500 job opportunities, Saeed was quoted as saying.
Al Reef is a closed joint-stock company with a total capital of SAR 300 million.
In November, Al Reef secured a SAR 800 million loan from Saudi Industrial Development Fund (SIDF), according to data available on Argaam.
Jazan Development Co. and Al Abdullatif Industrial Investment Co. each own 15 percent stake in Al Reef Sugar worth SAR 45 million of the company’s total capital of SAR 300 million.
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