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FINANCIAL NEWS
Sabic, Mitsubishi Rayon sign a USD1.2b plants construction deal
28 Jun 2014
(MENAFN) A statement said that Saudi Sabic and Mitsubishi Rayon had signed a deal to construct two plants in the east of KSA worth USD1.2 billion, Gulf Daily News reported.
The plants at Jubail Industrial City will be built by Taiwan’s CTCI Corporation, with one producing annually 250,000 metric tons of Methyl Methacrylate Monomer and the other 40,000 metric tons of Poly Methyl Methacrylate a year.
Construction has begun and should be completed in the first quarter of 2017, with commercial operations beginning later in that year.
The project will be funded by the partners’ own cash as well as bank financing, the statement added.
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