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Sat 20 Aug 2011 11:11 AM

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Saudi, German firms sign deal for $373m polymers plant

Unit of Sahara Petrochemicals Company inks agreement with Evonik to build plant in Jubail

Saudi, German firms sign deal for $373m polymers plant
(Photo for illustrative purposes only)

Saudi Arabia's Sahara Petrochemicals Company said on Saturday it had signed a deal with a German firm to build a $373m polymers plant.

The superabsorbent polymers plant (SAP) will be constructed in Jubail Industrial City, Sahara said in a statement posted on the Saudi Stock Exchange website.

It said one of its subsidiaries, Saudi Acrylic Acid Company Limited, had signed a shareholding agreement with Evonik Company of Germany to build the plant with a production target of 80,000 tonnes per year.

The SAP project will be 75 percent owned by Saudi Acrylic Acid Company, with Evonik Company taking a 25 percent stake.

The two partners will market the product in both local and international markets through a marketing joint company, the statement added.

The project is slated to start production in the third quarter of 2013 and will create around 110 jobs initially, which is likely to rise with the gradual expansion of the project.

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