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SAAC & Evonik Signed an Agreement for SAP Project

Source: www.gulfoilandgas.com 8/20/2011, Location: Middle East

Sahara Petrochemicals Company declares that one of TSOCs affiliates, Saudi Acrylic Acid Company Limited, signed the shareholding agreement with Evonik Company of Germany to build an 80,000 tpa of superabsorbent polymers plant.

The SAP project is owned by Saudi Acrylic Acid Company (SAAC) (75%) and Evonik Company (25%) which shall provide the utilization of its known technology to produce superabsorbent polymers. The two partners shall market the projects product in both local and international markets through a marketing joint company. It is worth mentioning that Sahara Petrochemicals Company owns 43.16% of Saudi Acrylic Acid Company (SAAC).

It is expected that project will be in production in the third quarter of 2013 G, God Willing, with an elementary cost estimated at SR 1,400,000,000 (One billion and Four hundred). The project shall avail around 110 direct job opportunities, which can be increased with the gradual expansion of the project. It is worth mentioning the Saudi Acrylic Acid Company (SAAC) signed the Heads of Agreement Memorandum with Evonik Company of Germany on 26 April 2011G and any coming milestone shall be declared later, God Willing.

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