By Colin Foreman
SABIC's new plant in Yanbu will be one the the region's largest construction projects.
Up to 25 000 construction workers will be needed on site to build Saudi Basic Industries Corporation’s (SABIC) Yanbu National Petrochemicals Company (YANSAB) in Yanbu.
USA-based Fluor Company recently signed a letter of intent with SABIC to construct the utilities and site facilities.
Mohamed Al-Mady, vice chairman and chief executive officer, SABIC, said: “I expect that these works will be completed within 34 months. Completion of the complex mechanical works is expected during the first quarter, 2008.
“Initial annual production capacity will go beyond 4 million tones per year of petrochemical products, which will strengthen SABIC’s contribution to national development plans and boost its competitive capabilities in the global markets.
“Once operational, this mega project will employ 1500 employees.”
SABIC has recently selected the ABN AMRO Group with Saudi Hollandi Bank as the financial advisor for the YANSAB loan.When complete, YANSAB will be one of the world’s largest producers of ethylene and several other petrochemicalsThe complex will also manufacture a wide range of basic chemical, intermediate and polymer products.