Italy's Saipem to build new Safco plant in Saudi Arabia
JEDDAH, Saudi Arabia
JEDDAH, Saudi Arabia Dec 7 (Reuters) - Saudi Arabian Fertilizers Company (Safco) has awarded a turnkey project to Italy's Saipem SpA (SPMI.MI)to design and build a 2 billion riyal ($533 million) plant in Jubail, it said on Wednesday.
Production capacity at the new plant, which will be funded internally, is expected to reach 1.1 million tons of urea per year, Safco said. Construction will take 26 months.
"Commercial production is expected to start within the third quarter of 2014," the Saudi firm said in a statement on the bourse.
Saudi Basic Industries Corp. (SABIC), the Arab world's largest chemical maker, holds a 42.9 percent stake in Safco which produces urea and ammonia. (Reporting by Asma Alsharif; Editing by Amran Abocar)
- U.S. Mega Millions lottery up to $400 million, 2nd-biggest ever
- Pope Francis named Time's Person of the Year |
- Uruguay becomes first country to legalize marijuana trade
- Thousands of South Africans line up to see Mandela lie in state |
- China bitcoin arbitrage ends as traders work around capital controls