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Alujain Corporation Subsidiary Signs Polypropylene Compounding Joint Venture with A.Schulman Inc

Saturday, 9 Jun 2012 08:00pm EDT 

Alujain Corporation announced that its subsidiary, National Petrochemical Industrial Company (NATPET), has entered into a joint venture agreement with A.Schulman Inc, a United States-based company. The 50-50 joint venture will build a new plant for the manufacture and sale of polypropylene compounds at a site near NATPET's polypropylene facility in Yanbu, with a capacity of 100,000 tons per annum in two phases. The first phase of the project, estimated to cost SAR 266 million, will be funded 40% through equity and the remainder through debt from sources such as Saudi Industrial Development Fund (SIDF) and other local banks. In addition to the joint agreement, NATPET has also agreed to enter into a distribution agreement where A. Schulman Inc. will, effective immediately, distribute resins for NATPET in Europe to specified customer segments. 

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17 Apr 2014