Osos Petrochemicals positive about US$1bln PBT complex at Yanbu notwithstanding Sabics' departure

Osos Petrochemicals seems confident that it will not have to abort plans to develop a US$1bln polybutylene terephthalate (PBT) complex at Yanbu, despite Saudi Basic Industries Corporation's (Sabic) decision against taking a 35% stake in the project. The project is in commercial phase with EPC [engineering, procurement and construction] contractors and expects to award the contract by Q3-2008. Bids are under evaluation for the main engineering, procurement and construction contract to build the main process units at the complex, which will produce 60000 tpa of PBT, 50000 tpa of butanediol, 3500 tpa of tetrahydrofuran, and 85000 tpa of maleic anhydride acid. Four groups bidding for the EPC contract are Oslo-based Aker Kvaerner with China's Sinopec, and South Korea's GS Engineering & Construction, Samsung Engineering Company and Hanwha Engineering & Construction. Hanwha is believed to be the lowest bidder.
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