PIF’s InoChem inks SAR 900 mln loan deal with SIDF
Khair's Inorganic Chemical Industries Co (InoChem) has signed a SAR 900 million loan agreement with the Saudi Industrial Development Fund (SIDF) to build an industrial complex in Ras Al Khair Industrial City.
The new complex will produce two grades of soda ash (light and dense) and two grades of calcium chloride (77 percent and 94 percent) with a total capacity of 600,000 tons per year, the company said in a statement.
The project will supply its products to vital industries and operations in the Kingdom, such as oil and gas, glass manufacturing, and synthetic detergents manufacturing, which currently import these products, said InoChem’s Chief Executive Officer, Abdulaziz Yahya Al-Muaiyyad.
The first phase of the industrial complex, which will be built, owned and operated by InoChem, is expected to be operational in 2020.
The project will create more than 1,500 jobs, 75 percent of which target Saudi calibers as part of a training and qualification plan in accordance to the international standards followed for such projects, he added.
InoChem was established in March 2016 as a closed joint stock company with a paid up capital of SAR 800 million.
The Public Investment Fund, through its fully owned Sanibel Direct Investments, owns a 30 percent stake in InoChem, while the remaining 70 percent stake is owned by a number of Saudi private sector investors.