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Saudi SABIC unit awards deals to CTCI, Sinopec

reuters

Tue Dec 28, 2010 10:03am EST

* CTCI to help more than double aromatics output

* Sinopec to help set up new PET plant

 

KHOBAR, Saudi Arabia, Dec 28 (Reuters) – Arabian Industrial Fibers Co (Ibn Rushd), an affiliate of Saudi Basic Industries Corp (SABIC), signed contracts with Taiwan’s CTCI (9933.TW) and China’s Sinopec Engineering to expand its capacity, SABIC said.

The contract with CTCI would double Ibn Rushd’s aromatics production capacity to 1.2 million tonnes per year from 560,000 tonnes and more than double its terephthalic acid capacity to 750,000 tonnes per year, SABIC (2010.SE) said in an emailed statement on Tuesday. It did not give the value of the deals.

The contract with Sinopec Engineering, will see the creation of a new polyethylene terephthalate (PET) plant and increase capacity to 750,000 tonnes per year from 330,000 tonnes, it said.

“The projects will take between 24 and 27 months,” SABIC said.

The Ibn Rushd complex, in Yanbu on the Red Sea coast, produces aromatics, purified terephthalic acid (PTA) which is used in making polyester, and polyester staples. SABIC owns 47 percent of Ibn Rushd.

SABIC is restructuring and introducing new products, Mohammed al-Mady, chief executive officer of SABIC, told Reuters in October. [ID:nLDE69G0FF] (Reporting by Reem Shamseddine; writing by Asma Alsharif, editing by Anthony Barker)

http://www.reuters.com/article/idUSLDE6BR0T120101228

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