SABIC has contracted China National Chemical Engineering Corp (CNCEC) to build a storage and shipping terminal at King Fahd Industrial Port in Jubail, the petrochemicals firm said.
The engineering, procurement and construction deal signed by Jubail Chemicals Storage and Services Co (JCSSC) – a joint venture in which Dutch Vopak holds a 25 percent stake – envisages project completion by early 2015.
"The project will enable the continued growth of the petrochemical and downstream industries in Saudi Arabia," SABIC said in a statement to the Saudi stock exchange.
The first phase of the project will include around 40 commodity and chemicals storage tanks, truck and ship loading facilities.
Total investment in the project is expected to be around $400 million, paid for with a mix of company funding and external finance.
The storage capacity of the terminal will be approximately 250,000 cubic meters, SABIC said.
State-run CNCEC has previously worked on SABIC petrochemicals project at Yanbu in Saudi Arabia.
Reuters
14 November
