SAUDI ARABIA: Construction contract award for planned 700,000 metric ton per year ethylene glycol pellets plant is said to be part of an $8,000,000,000 chemical manufacturing expansion project, TOYO ENGINEERING CORP. (TEC) [Japan] Order #: 086505.

WWP- Report on Oil Gas & Petrochemicals in the Developing World, August, 2005

PROJECT OVERVIEW:

The local SAUDI BASIC INDUSTRIES (SABIC) is planning to invest $8,000,000,000 over the next 3 years in order to raise the company's output since its foreign competitors in Europe and the U.S. are struggling with rising costs for oil feedstock. Chemical prices, for that matter, are linked to the price of oil which rose in New York 42% on average in the first quarter of this year, compared with a year earlier. As a result, SABIC is now aiming at increasing its production output by 30%.

In so doing, SABIC recently awarded a contract to build a petrochemical plant to Japan-based TOYO ENGINEERING CORP. (TEC). According to the terms of the award, TEC will be responsible for building an ethylene glycol pellets plant with an installed...

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