PMD & ABC sign an advisory deal for USD 3.5 billions projects

The two projects are estimated to cost US$ 3.5 billions and are planned to be located in Al-Jubail Industrial City in Saudi Arabia.

The adviser was appointed from amongst several regional and international bidders after a comprehensive selection process.

The signing ceremony was attended by senior teams of PMD & ABC headed by Mr.Majed A. Al Ahmadi, President & Chief Executive and by Mr. Abdulmagid Breish, Deputy Chief Executive respectively.

As (PMD) announced earlier that the two projects will create around 1,500 employment opportunities, and will be producing 3 million tonnes of petrochemical products including Polyethylene, Polypropylene, Ethylene Glycol, Benzene, Phenols, Methyl Amines & Derivatives, Ethanol Amines and Ethoxylates.

The main raw materials for the projects such as Butane, Methanol and Ammonia have been allocated by Saudi Aramco and SABIC, the land plot needed for the Amines project was assigned to PMD earlier by the Royal Commission (R.C.) in Al-Jubail, another land plot request was filed with (R.C.) for the Olefins project.

Within the same context (PMD) have earlier signed an MOU with Linde A.G. of Germany to be the technical advisor for the projects to define the final outlook for each project, produce the bankable feasibility studies that will be submitted to financing establishments, coordinating with Technology providers and product marketers. Site activities are expected to start in beginning of 2005 and construction to be completed by end of 2007.