Saudi Arabia to break ground on $3 bln Jizan petchem complex tomorrow

28/01/2019 Argaam

 

Saudi Arabia will tomorrow lay the foundation stone of the petrochemicals complex in Jizan, Abdulaziz Abdul Karim, Deputy Minister of Energy for Industrial Affairs, told Akhbaar24.

 

"The project will cost more than $3 billion (SAR 11.25 billion) and will be developed by China’s Pan-Asia Co.," Abdul Karim added.

 

In October, Saudi energy minister Khalid Al-Falih signed an agreement with China’s Pan-Asia Co. to build a petrochemicals complex in Jizan, within the National Industrial Development and Logistics Program (NIDLP).

 

The announcement came during the Future Investment Initiative (FII) summit in Riyadh, being held from Oct. 23-25 2018.

 

The project is expected to produce 1.25 million tons of PTA and 500,000 tons of PET, and will export around 60-70 percent of output.

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