Sector News

Saudi's Tasnee says titanium sponge JV to start operations in 2017

March 3, 2016
News

A new venture including Saudi Arabia’s National Industrialization Co (Tasnee) to produce titanium sponge will launch commercial operations in the second half of 2017, the petrochemical producer said on Thursday.

Tasnee and its subsidiary Cristal jointly own Advanced Metal Industries Co (AMIC), while AMIC and Japan’s Toho Titanium Co own 65 and 35 percent respectively of their new firm Advanced Metal Industries and Toho Titanium Co.

The new company will have capital of 412.5 million riyals ($110 million) and will produce titanium sponge. The project’s initial capacity will be 15,600 tonnes annually and has an estimated cost of $440 million, Tasnee said in a statement to Riyadh’s bourse.

The statement did not provide more details about the timescale of the project or how it would be funded.

The new company’s commercial launch will be in the second half of 2017 and will form a major part of Tasnee’s downstream value chain, it added. ($1 = 3.7490 riyals)

By Matt Smith

Source: Reuters

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