FINANCIAL NEWS

Al-Rajhi awards $1.1b deal to STX Heavy

07 Oct 2010

(MENAFN) Al-Rajhi Group, based in Saudi Arabia, said that it has awarded a $1.1 billion contract to South Korea’s STX Heavy Industries to build a polysilicon plant and a benzene plant in the Kingdom, Reuters reported.

STX Heavy, a subsidiary of South Korea’s STX Corporation, said that as per the agreement signed with Al-Rajhi, it will build these chemical plants at the Yanbu industrial complex by 2014.

One plant will produce an annual 6,000 tons of polysilicon, a major component of solar cells, while the other will make 100,000 tons of linear alkyl benzene used for producing detergent, the company said in a statement.-

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