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FINANCIAL NEWS
Saudi- Maaden inks USD260m contracts with US companies
03 Dec 2012
(MENAFN) Saudi Maaden, the mining company, stated that it inked USD260 million worth of deals with US Fluor Corp and Bechtel to expand an industrialcity in the Kingdom’s northern region, reported Arabian Business.
Maaden said that the first contract, valued at USD198.39 million, was inked with Fluor Corp. According to the deal, Fluor Arabia will provide engineering consultancy services and handle the establishment of a new phosphate project for Maaden, called Umm Wual in Waad Al-Shimal City for Mining Industries.
Another 2 deals worth USD61.78 million were signed with Bechtel Arabia to supervise and manage the project to develop the city, in addition to preliminary designs of the infrastructure of the Waad Al-Shimal city.
The company said that the Umm Wual project would add around 1.5 million tons a year of phosphorus oxide to its planned phosphate capacity.
According to Maaden, the project will have an annual output capacity of 16 million tons of phosphate concentrate, sulphuric acid, phosphoric acid, moreover, it will include plants to produce calcium monophosphate and calcium diphosphate.
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