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Sahara Signs MOU with Chemanol for its NPG Project

Source: www.gulfoilandgas.com 5/7/2011, Location: Middle East

Sahara Petrochemicals Company has signed a Memorandum of Understanding (MOU) with Chemanol which will be one of the partners in the NPG project. Chemanol shall supply the project with formaldehyde, one of the main feedstock required for the project.

Sahara shall hold 48% of the projects capital and 15% by Chemanol whereas the remaining 37% shall be owned by the two Japanese corporations (Mitsubishi Gas Chemicals & Sojitz Corporation). The initial project cost is about SR 470 Million, which will positively increase the companys profits future wise.

Furthermore, Sahara has signed on the same day a Heads of Agreement (HOA) with Mitsubishi Gas chemicals, the technology licensor, and Sojitz to develop and build a Neopentyl Glycol plant (NPG). The product will be utilized locally and internationally.

H.E. Engineer Abdulaziz A. Al-Zamil, Sahara Chairman, stated that this 50,000 TPA. It shall be established in Jubail Industrial City within Sahara Petrochemicals Company premises, where it will be provided by required feedstocks through local suppliers.

Engineer Esam F. Himdy, Saharas Managing Director, added that this project shall be completed in mid 2014 and it will provide around 70 direct job opportunities for Saudis, a number which shall increase with gradual expansion of the project.

All important contracts related to this project shall be declared later.

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