Royal Commission for Jubail and Yanbu Signs Investment Agreements worth over SAR7 Billion

Thursday 1444/3/3 - 2022/09/29
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Dammam, September 29, 2022, SPA -- The Royal Commission for Jubail and Yanbu, represented by Jubail and Yanbu Industrial Cities Services Company (JABEEN), signed two conditional investment agreements with INEOS Europe AG for an oligomer project to establish and operate a factory to produce linear alpha olefins and poly alpha olefins and hydrocarbon derivatives with a value of SAR 3.75 billion and a total area of 180,019 square meters at the PlusChem zone at the Jubail Industrial City.
A second contract was also signed with INEOS Europe AG (Nitrile Project) to establish and operate a factory to produce acrylonitrile, acetonitrile, hydrogen cyanide and sodium cyanide with a capital of around SAR 3.75 billion a total area of 334,224.20 square meters at the PulsChem zone.
JABEEN member Eng. Ahmad Al-Bliwi said that the total value of these investments exceeds SAR 7 billion and are a step within the industrial strategy of the Kingdom of Saudi Arabia to attract transformative industries with added value in a bid to increase the local content of these industries.
--SPA
14:02 LOCAL TIME 11:02 GMT
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