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FINANCIAL NEWS
Samasung, Linde win $1.1b contract in Saudi Arabia
17 Oct 2010
(MENAFN) A consortium of Samsung Engineering Company and Germany�s Linde has won an early construction deal for a Saudi-based acrylic acid complex expected to cost $1.1 billion, Reuters reported.
Saudi subsidiaries of Tasnee Sahara Olefins Co – a joint venture of Tasnee and Sahara Petrochemicals Company – own 75 percent of the complex and 25 percent belongs to US-based Rohm and Haas, recently bought by Dow Chemical, the Saudi firms said.
Tasnee and Sahara did not disclose the value of the engineering, procurement and construction (EPC) contract awarded to Samsung-Linde consortium.
Rohm and Haas will provide the technology for the complex and will market its annual production 230,000 tons of acrylic acid and derivatives, the Saudi firms had said.
Saudi Ethylene and Polyethylene Co, affiliated to Tasnee, will provide propylene as feedstock for the plant, Tasnee said. The complex is expected to start production in the first quarter of 2013, Tasnee and Sahara said.
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