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The Companies Bid for SABIC Plastic Plant

Source: Reuters 12/2/2012, Location: Middle East

Five general engineering firms have bid to build a 50,000 tonnes-per-year polyacetal plant during Ibn Sina, an affiliate of Saudi Basic Industries Corp (SABIC), industry sources said.

SABIC pronounced in 2010 a project, producing a cosmetic that is especially used in a automobile industry, would need investment of scarcely $400 million.

Spain’s Dragados, China National Chemical Engineering Co (CNCEC), Taiwan’s CTCI, South Korea’s Hanwha Engineering and SK Engineering and Construction have all done bids.

Bidding sealed on Nov. 28 after it was extended from an Oct deadline, a sources said.

National Methanol Co, improved famous as Ibn Sina, is 50-percent owned by SABIC, a world’s largest chemical company, while Celanese Corp and an affiliate of Duke Energy Corp any have a 25 percent-stake.

The plant was creatively designed to start adult by 2013 with engineering and construction work commencement by 2011.

SABIC‘s CEO pronounced final month a association has given a go-ahead for a polyacetal plant, that will use methanol feedstock from Ibn Sina.

Some Saudi petrochemical companies have pronounced they have faced problems sourcing feedstock supplies for new projects as a oil-rich dominion balances their claims for gas supplies opposite a need to use it for energy generation.

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