Saudi Basic Industries Corp. — Capital/Financing Update 2012

Nov 14, 2012

SABIC announces that its affiliate, Jubail Chemicals Storage and Services Company, has awarded an EPC contract for new storage, handling and shipping terminal at King Fahd Industrial Port in Jubail

2010 · 14/11/2012 08:50:44 · Announcement #27662 · View on Saudi Exchange

SABIC announces that its affiliate, Jubail Chemicals Storage and Services Company, has awarded an EPC contract for new storage, handling and shipping terminal at King Fahd Industrial Port in Jubail

Saudi Basic Industries Corporation (SABIC) today announced that its affiliate, Jubail Chemicals Storage and Services Company (JCSSC), has awarded Engineering Procurement and Construction (EPC) a contract for a new storage, handling and shipping terminal at King Fahd Industrial Port in Jubail to China National Chemical Engineering Corporation (CNCEC) on November 13. The total investment is estimated to be USD (400) million. The project will enable the continued growth of the petrochemical and downstream industries in Saudi Arabia. JCSSC is a joint venture in which SABIC holds 75 percent and Vopak 25. The plan is to finance the project from the parties own resources as well as through external funds. Once commissioned early 2015, the storage capacity of the terminal will be approximately 250,000 cubic meters. The first phase will consist of around 40 commodity and specialty chemical storage tanks, complete with truck handling and ship loading facilities for five berths. The investment in this industrial terminal will provide the petrochemical industry in Jubail with a critically important export facility, designed to the highest safety standards, and will enable the continued growth of the petrochemical and downstream industries in one of the largest petrochemical production locations in the world

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