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Saudi Arabia: Kayan In Initial Deal With Daelim For Jubail Plant
Publish Date : 28-Dec-2009
Saudi Kayan Petrochemical Co 2350.SE said it signed a preliminary agreement with South Korea\'s Daelim Industrial Co 00210.KS to build a petrochemical plant. The plant will have the capacity to produce 300,000 tonnes per year (tpy) of low density polyethylene, and will be part of Kayan\'s giant petrochemical complex. Kayan, a unit of Saudi Basic Industries Corp 2010.SE (SABIC), signed a letter of intent with Daelim for the engineering, procurement and construction (EPC) of the plant in Jubail, on the Gulf\'s east coast, Kayan said in a statement on the Saudi bourse website.The preliminary agreement will last for three months, Kayan said. Daelim and Taiwan\'s CTCI have bid for the project. The project was retendered along with an amines plant project Kayan plans to build at the complex.
The first tender was awarded to UK Simon Carves, a unit of Indian Punj Lloyd, in 2007 as a fixed-price services contract while the amines plant was awarded to Samsung Engineering. Contracting sources expect an award to be made for the 210,000 tonnes per year amines plant in January. The complex will have an annual production capacity of 6 million tonnes of petrochemicals including ethylene, propylene and ethylene glycol from 16 plants.
