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FINANCIAL NEWS
Saudi IBN SINA awards EPC contract for its POM project
11 Jul 2013
(MENAFN) The National Methanol Company has awarded a contract to an international firm for the engineering, procurement and construction of its polyoxymethylene (POM) project, Arab News reported.
The manufacturing affiliate of the Saudi Basic Industries Company (SABIC) aims to produce the high strength, low friction engineering plastic, in support of Saudi Arabia’s vision to expand and diversify its manufacturing sector and create employment opportunities in downstream industries.
The POM plant is expected to have an annual output capacity of 50,000 tons. POM is primarily used in the auto industry, electronics, food processing and other vital sectors.
The project is an expansion of IBN SINA’s existing operations, and is a joint venture between SABIC and CTE, a company owned by the US specialty materials company, Celanese Corporation and Duke Energy.
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