SABIC Agri-Nutrients Co. — Capital/Financing Update 2011

Dec 7, 2011

SAFCO Announces Awarding The Contract Of Its Fifth Project In Its Industrial Complex In Jubail

2020 · 07/12/2011 08:33:13 · Announcement #23328 · View on Saudi Exchange

SAFCO Announces Awarding The Contract Of Its Fifth Project In Its Industrial Complex In Jubail

Further to Saudi Arabian Fertilizer Company (SAFCO) announcement on TADAWUL on 17/11/2011 about studying the establishment of a new plant in its complex in Jubail Industrial Area (SAFCO 5), SAFCO announces that the Board of Directors held a meeting on Tuesday 06/12/2011 to discuss the technical and commercial assessment and financing options of SAFCO 5. Feasibility studies proved that the establishment of this plant is feasible. Hence, the Board of Directors has decided to award the contracts of engineering design, supplies and construction of SAFCO 5 (turnkey) to the Italian company SAIPEM. Production capacity of the plant is expected to reach 1,100,000 ton per annum of urea. The construction period shall be (26) months as of 06/12/2011. Commercial production is expected to start within the third quarter of year 2014. Total cost of the project is expected to reach SAR 2000 million.

HE Eng. Mohammed bin Hamad Almadi, Chairman of Board of Directors, announced that SAFCO shall depend on its own resources for financing this project. SAFCO 5 shall enhance company strategies based upon expansion and production growth, and sustaining companys advanced international status in chemical fertilizer industry. God bless you all.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.