Saudi Arabian General Investment Authority today signed five memoranda of understanding (MOUs), with a combined value of 7.5 billion Saudi riyals ($2 billion), with a number of major petrochemical companies at a ceremony in Riyadh in the presence of Saudi Deputy Minister of Industry Osama al-Zamil.
Agreements signed include a SAGIA and BASF deal to study the feasibility to build a petrochemicals plant at Jubail Industrial City; a deal with SNF to evaluate the establishment of a polyacrylamide plant; a deal with Mitsui & Co., for a 1-million metric tons/year ammonia plant at Jubail, in addition to building a new petrochemical plant and an agreement with Shell Overseas Services to build a new plant at Jubail Industrial City to produce value-added catalysts. The fifth MOU is with Shell and Advanced Metallurgical Group to build a residue upgrading catalyst manufacturing facility (see separate story).
Ibrahim al-Omar, governor of SAGIA, said, “Our country is undergoing a significant economic transformation. The petrochemicals sector provides exciting opportunities for international investors as we look to draw on the expertise and experience of the private sector in transforming the industry.”
By Natasha Alperowicz
Source: Chemical Week
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