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SABIC shares gain as petrochems giant expands Jubail port capacities
- Saudi Arabia: Wednesday, November 14 - 2012 at 20:24
The Riyadh-based equity index Tasi decreased by 0.16% to 6,816.93 points. Market bellwether SABIC added 0.56% to reach SR90.25. SABIC said in a statement to the Tadawul exchange that its affiliate, Jubail Chemicals Storage and Services Company (JCSSC) has awarded Engineering Procurement and Construction a contract for a new storage and shipping terminal at King Fahd Industrial Port in the Arabian Gulf port city of Jubail to China National Chemical Engineering Corporation on November 13. The total investment is estimated to be $400m. "The project will enable the continued growth of the petrochemical and downstream industries in Saudi Arabia," said SABIC. Once commissioned early 2015, the storage capacity of the terminal will be approximately 250,000 cubic meters.
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Gérard Al-Fil, Financial JournalistWednesday, November 14 - 2012 at 20:24 UAE local time (GMT+4)
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