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.