Alwasail signs SAR 300 mln contract with SABIC

01/02/2023 Argaam

Alwasail signs SAR 300 mln contract with SABIC

Logo of Alwasail Industrial Co.

Alwasail Industrial Co. signed, on Jan. 31, a contract with Saudi Basic Industries Corp. (SABIC) to supply raw materials for manufacturing activities and products, including polyethylene pipes and its derivatives, at its factories at an estimated value of SAR 300 million.

 
The contract’s term is one year, starting from Jan. 1, 2023, until Dec. 31, 2023, the company said in a statement on Tadawul.
 
 The agreement includes supply of raw materials equivalent to about 60,000 metric tons for manufacturing and products at the company’s factories, including polyethylene pipes and their derivatives. The materials are used in more than 90% of its products.
 

The financial impact will be reflected on Alwasail financial results due to an increase in production from the first quarter of 2023, the statement said, indicating no related parties are part of the deal.

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