JEDDAH, Saudi Arabia Dec 7 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
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
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)