Natpet, A Schulman JV polypropylene plant in Saudi Arabia

Natpet, A Schulman JV for polypropylene plant in Saudi Arabia

9:52 AM, 13th June 2012
Natpet, A Schulman JV for polypropylene plant in Saudi Arabia

YANBU, SAUDI ARABIA: Jeddah-based National Petrochemical Industrial Company (Natpet), a subsidiary of Alujain Corporation, has entered into a joint venture agreement with A Schulman of the US to produce polypropylene compounds. The 50-50 joint venture, expected to be named Natpet-Schulman Engineering Plastic Compounds, is planning to build a polypropylene compounding plant in Yanbu, where it expects to begin production by the end of 2014.

A Schulman’s initial equity investment in the relationship is approximately €11 million ($14 million). Initial project costs, including construction of the facility, infrastructure needs as well as working capital requirements are approximately €55 million ($70 million) based on current exchange rates. The joint venture will manufacture a line of customer-preferred engineered plastic compounds based on A Schulman’s highly regarded technology.

Natpet, a well-established petrochemical producer in the region, will provide the joint venture with its regional infrastructure as well as its high-quality polypropylene resin. “The project supports the Saudi government’s programme in developing downstream projects and adding value to the intermediary petrochemical production in the kingdom. It will create employment opportunities for Saudis and bring new technology,” said Jamal Malaikah, President, Natpet.

© WOC News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Azelis sells polymers business to Gazechim Plastics

ANTWERP, BELGIUM: Azelis announced the sale of the thermoplastic polymers business area to Gazechim Plastics, in line with its strategy to focus on sp ...

Read more
Specialty chemicals to grow at 14 pc in 2012-17, says FICCI

MUMBAI, INDIA: India’s specialty chemicals segment has potential to grow by 13-14 per cent per annum during 2012-17, as per the “Specialty ...

Read more
LyondellBasell gets $4.5 million grant for catalyst technology development

HOUSTON, US: LyondellBasell was awarded a $4.5 million grant by the US Department of Energy (DOE) to develop a catalyst-assisted technology to improve ...

Read more
BP notifies Alfa Access Renova to pursue sale of interest in TNK-BP

LONDON, UK: BP received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP, a Russian oil company ...

Read more
Jacobs gets Sadara’s contract for three polyethylene trains

PASADENA, US: Jacobs Engineering Group Inc has been awarded an In-Kingdom engineering, procurement and construction management (EPCM) contract for thr ...

Read more
Bayer acquires watermelon and melon seed business of Abbott & Cobb

MONHEIM, GERMANY: Bayer CropScience has entered into an agreement to purchase the watermelon and melon seed business of Abbott & Cobb Inc. The acq ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X