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SATORP & Advanced Petrochemical Signed Sales Agreement

Source: www.gulfoilandgas.com 8/4/2013, Location: Middle East

For the supply of 50,000 metric tons per year of propylene that was concluded between Advanced Petrochemical Company and Saudi Aramco Total Refining and Petrochemicals (SATORP) on 9/6/2012 AD which was already announced on that date in Tadawul. Advanced Petrochemical Company has signed further agreement with SATOPRP to increase the supply of propylene to Advanced by a quantity of 30 thousand metric tons per year, bringing the total supply from SATORP to 80 thousand metric tons per year. The duration for the supply of entire 80,000 metric tons per year has been amended from 3 years to 5 years. Insha Allah, the supply will start from 01-Jan-2014. Note that this supply will provide additional propylene which will contribute to increase the production of polypropylene by the same amount and thus increase revenue from the sale of the additional polypropylene.

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