Saturday, April 22, 2017

Saudi-Korean JV to set up $50m chemical plant

Saudi-based Maydan Industry for Industrial Development & Investments Company will join forces with Ahmad Kassim Al Amoudi Group Company (AKA) and the South Korean technology company SFC to establish a manufacturing plant in PlasChem Park. said a report. 

The new firm, Surfactant Detergent Company (SDC), will produce a range of surfactants, which are specialty chemicals used in the production of detergents and other applications, reported Arab News.

It will be based at PlasChem Park, a chemical and conversion industrial park adjacent to Sadara Chemical Company in Jubail Industrial City 2, developed jointly by Sadara Chemical Company and the Royal Commission for Jubail and Yanbu.

The JV deal follows a long-term supply agreement for Ethylene Oxide and Propylene Oxide signed previously between Sadara and the SDC partners, which will be supplied though dedicated pipelines constructed by Sadara, said the report, citing a senior official.

SDC will be the first company in the region to use the very latest Korean technology developed by SFC.

"This new venture is inspired by the Kingdom’s Vision 2030 which seeks to diversify the economy," remarked Abdulrahman Al Swailem, the chairman of Maydan Industry.

The planned manufacturing facility is expected to have a production capacity of 40,000 metric tons.

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