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FINANCIAL NEWS
SABIC, CTCI sign capacity increasing deal
30 Dec 2010
(MENAFN) The Saudi Basic Industries Corp (SABIC) Chief Executive Officer Mohammed Al-Mady said that the Industrial Fibers Co (Ibn Rushd), a SABIC affiliate, signed deals with Taiwan�s CTCI and China�s Sinopec Engineering for capacity increasing of Ibn Rushd, reported the Saudi Gazette.
The CEO said that thius deal would increase Ibn Rushd�s aromatics production by around %100 from 560,000 to 1.2 million tons annually. The deal would also increase terephthalic acid capacity in the company to 750,000 tons annually.
The CEO added that contracts’ duration would be between 24 and 27 months.
It is worth noting that Ibn Rushd complex is a producer of aromatics, purified terephthalic acid (PTA) which is used in making polyester, and polyester staples. SBIC holds 47 percent of Ibn Rushd’ shares.
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