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FINANCIAL NEWS
CTCI, Sinopec win deals from Sabic
29 Dec 2010
(MENAFN) Mohammed Al Mady, Chief Executive Officer at Saudi Basic Industries Corp (Sabic), said that its affiliate; Arabian Industrial Fibers Co. (Ibn Rushd), has inked two agreements with China’s Sinopec Engineering, and Taiwan’s CTCI, in a bid to boost its capacity, Reuters reported.
Under the agreement, Sinopec Engineering is tasked with the construction of a new polyethylene terephthalate (PET) plant and bolstering capacity to 750,000 tons per year from 330,000 tons, whereas CTCI would double Ibn Rushd’s aromatics production capacity to 1.2 million tons per year from 560,000 tons, and more than double its terephthalic acid capacity to 750,000 tons per year, explained Al Mady.
The Ibn Rushd complex, in Yanbu on the Red Sea coast, produces aromatics, purified terephthalic acid (PTA) which is used in making polyester, and polyester staples. Sabic owns 47 percent of Ibn Rushd, the CEO added.
The mentioned projects are expected to be completed within 24 to 27 months, and the values of the deals were not disclosed.
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