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Sahara, Kayan & Sadara Agreement for Butanol Production

Source: www.gulfoilandgas.com 12/26/2012, Location: Middle East

Reference to the companys announcement on Tadawul dated (25/02/1432 H.) corresponding to (29/01/2011 G.) SAHARA Petrochemicals Company announces that its affiliate, Saudi Acrylic Acid Company (SAAC), of which 43.16% is owned by SAHARA, has signed a shareholders agreement with Saudi Kayan Petrochemical Company (SAUDI KAYAN), an affiliate of the Saudi Basic Industries Corporation (SABIC) and Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical Company to establish the Saudi Butanol Company in Jubail Industrial City, expected to start production in the 1st quarter of 2015 with a total cost of SAR 1.939 billion.

The project is expected to provide 200 direct and indirect job opportunities. The project will be financed equally from the three partners as well as the SIDF (Saudi Industrial Development Fund).

It is worth mentioning that under the agreement the three partners will have equal stakes in the company and in the production quantities for downstream use and for sales in the local and overseas markets. Any additional information will be announced in due course.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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