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FINANCIAL NEWS
South Korea’s Daelim, Saudi Sahara sign USD750m deal
22 May 2011
(MENAFN) Saudi Arabia’s Sahara Petrochemicals Co. said that the company signed a USD750 million contract with South Korea’s Daelim, by which the latter would build a petrochemical plant for the Saudi firm, reported Arab News.
The company added that the project, which output capacity would be estimated to reach 250,000 tons per year of caustic soda and 300,000 of ethylene dichloride per year, was developed by the joint venture between the company and Saudi Arabian Mining Co. (Maaden).
It also said that the South Korean company would operate the engineering, procurement and construction (EPC) work for the project which would be funded through banks and the state run Saudi Industrial Development Fund (SIDF).
It is worth noting that Maaden received a USD240 million loan from SIDF to finance the project which is due to be completed in the fourth quarter of next year.
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