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FINANCIAL NEWS
Sabic affiliate awards USD400m contract to CNCEC
15 Nov 2012
(MENAFN) China National Chemical Engineering Corporation (CNCEC) has won a contract from Jubail Chemicals Storage and Services Company (JCSSC) to build a new shipping terminal at King Fahd Industrial Port in Jubail, the Construction Week reported.
JCSSC is a joint venture in which SABIC holds 75 percent of the shares and Dutch chemicals form Vopak holds the remaining 25 percent.
The USD400 million deal was formally made under an engineering, procurement and construction (EPC) contract, JCSSC said.
The project will be funded partly through the companies’ own resources, but also through raising external funds.
CNCEC will build new storage, handling and shipping terminals at the port, which SABIC said would enable the continued growth of the petrochemical and downstream industries in the Kingdom.
Phase 1 of the project will include the construction of 40 commodity and specialty chemical storage tanks, complete with truck handling and ship loading facilities for five berths.
The new terminal will have a storage capacity of 250,000 m3 once the project is completed in 2015.
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