FINANCIAL NEWS

Saudi Maaden awards USD1.5b refinery deal to Hyundai

11 Mar 2012

(MENAFN) Saudi Maaden’s Aluminium Strategic Business Unit’s Vice President, Abdullah Busfar, said that the firm awarded a USD1.5 billion construction deal for an alumina refinery to Hyundai Engineering & Construction, reported Arabian Business.

Busfar added that the project is part of the second phase of the USD10.8 billion project to develop a fully-integrated aluminum complex in Saudi’s Ras Al Khair.

He also said that Ma’aden Bauxite and Alumina Company owns a 51 percent stake in the complex, which includes a bauxite mine at Ba’aitha and an alumina refinery, aluminum smelter and rolling mill at Ras Al Khair.

On the other hand, he said that the project would be the largest, lowest cost, fully integrated aluminum industrial complex in the world.

It is worth noting that building the refinery would take more than 29 months.

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