Saudi Arabia approves plans to invest US$5.6 bln in projects at Jubail Industrial City

13-Feb-12

Saudi Arabia’s Royal Commission for Jubail and Yanbu has granted approval for companies to invest SR 21.2 bln (US$5.6 bln) in projects at Jubail Industrial City, as per the Saudi Press Agency. Al Jubail Petrochemical Co., a joint venture between Saudi Basic Industries Corp. (SABIC) and Exxon Mobil Corp. known as Kemya, got authorization to develop a SR 12 bln project to produce ethylene propylene diene monomer, rubber and black carbon. Saudi International Petrochemical Co. (Sipchem) has received approved to develop a SR 2.8 bln venture to produce ethylene vinyl acetate and low-density polyethylene at a capacity of 200,000 tpa. Approval was given to National Industrialization Co. (Tasnee) to develop a SR 1.4 bln riyal project to produce superabsorbent polymers at the capacity of 80,000 tpa. Saudi Arabian Fertilizer Co.(Safco), was authorized to develop a SR 2 bln project to produce 3.6 mln tpa of urea.