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Sabic Signs LOI With the Flour Co. for the Construction of Utilities & Site Facilities at Yansab

Source: www.gulfoilandgas.com 5/31/2005, Location: Middle East

Saudi Basic Industries Corporation (SABIC) today signed a Letter of Intent with the US Flour Company to construct utilities and site facilities at the SABIC affiliate, Yanbu National Petrochemicals Company (YANSAB) in Yanbu. The LOI was signed in the presence of Mohamed Al-Mady, SABIC Vice Chairman & CEO, by Abdulrahman Al-Fageeh, President YANSAB, for SABIC, and Mr. David Seaton, Flour Sr. Vice President, Chemical Products Business Line, Energy and Chemicals Group, for the Flour Company.

Mohamed Al-Mady said, "The utilities and site facilities are the largest units of the YANSAB complex and are vital for feeding the various complex plants with water, power supplies, steam and chilled water.

"I expect that these works will be completed within 34 months. Completion of the complex mechanical works is expected during 1Q2008. Initial annual production capacity will go beyond 4 million MTY of petrochemical products which will strengthen SABICís contribution to national development plans and boost its competitive capabilities in the global markets."

"YANSAB will apply the latest state-of-the-art and cutting-edge technologies in its production operations including Scientific Design Ethylene Glycol technology, 50% owned by SABIC and 50% by German Sud Chemi. It will also use Butene-1 technology developed by SABIC in cooperation with the French Petrol Institute. In addition, the complex will apply for first time a new technology for the manufacture of HDPE and other technologies for conversion of pure aromatic compounds into Benzene."

"Once operational, this mega project will employ 1,500 employees, benefiting Saudi citizens."

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