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FINANCIAL NEWS
New lubricant plant worth USD26.6m in Jazan
15 Feb 2015
(MENAFN) Saudi Director of international trade at the Ministry of Commerce and Industry and supervisor of Jazan Industrial City signed an agreement to set a lubricant plant worth USD26.6 million in Jazan, Saudi Gazette reported.
The plant is set to bring forth a yearly estimation of 2.4 million tons of lubricants and it’s the third one in the GCC, the other two are in Dubai and Oman, the director said in a statement.
Jazan Industrial City is now under development by Gammon Group, the process is worth USD19.97 billion and multiple international companies intend to carry out novel projects in the new city, the chairman of Gammon said.
“The Jazan industrial city will spur the economic growth of Jazan and bring about a face-lift for the region,” chairman added.
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