May 16 2005
Saudi Basic Industries Corporation (SABIC) has signed a Letter of Intent (LOI) with the Italian company Technip for the engineering, procurement and construction of an ethylene and propylene plant at the YANSAB Complex in Yanbu Industrial City, on the Red Sea coast of Saudi Arabia. The plant will have a nameplate ethylene production capacity of 1.3 million metric tons per year (mt/y) and 400 thousand mt/y of propylene. The new large-scale plant will form the core of future manufacturing units within the YANSAB project.
The LOI was signed by Eng. Abdulrahman Saleh Al-Fageeh, President YANSAB on behalf of SABIC, and Mr. Riccardo Moizo, Vice CEO, Middle East and South East Asia, on behalf of Technip Co.
Mohammed Al-Mady, SABIC’s Vice Chairman and CEO, attended the signing ceremony and said: “This mega-project was undertaken by SABIC at Yanbu Industrial City as an extension of SABIC’s ambitious plan to significantly increase production of basic petrochemicals, intermediates and polymers by 2008. YANSAB projects alone will add nearly 4 million mt/y of production from Yanbu Industrial City to meet the growing global demand for petrochemical products.
“The YANSAB project’s major objective is to provide high-quality and value-added products to boost the nation’s domestic industrial production, as well as strengthen the company’s competitive capabilities in global markets”.
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