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South Korea's Daelim wins $750 mln Saudi plant deal - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – South Korea’s Daelim has won a contract to build a $750 million petrochemical plant for Saudi Arabia’s Sahara Petrochemicals Co, the Saudi firm said on Saturday.

The project is a joint venture between Sahara and the state-run miner Saudi Arabian Mining Co (Maaden) 1121.SE and has a production capacity of 250,000 tonnes per year of caustic soda and 300,000 of ethylene dichloride PER YEAR.

Caustic soda is used for the refining of bauxite to alumina.

Daelim will perform the engineering, procurement and construction (EPC) work, Sahara said in a statement on Saudi Arabia’s bourse website.

The project will be financed through banks and the state-run Saudi Industrial Development Fund (SIDF).

The project is due to be completed in the fourth quarter of 2012, it added.

Maaden said in November it received a 900 million riyal loan ($240 million) from SIDF to finance the project.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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