Complex Made Simple

Ma’aden awards contracts worth $4.3 billion

The Tadawul All Share Index 0.12 per cent higher at 8,561.84 points on Monday, December 23. SABIC, the petrochemicals giant, declined by 0.45 per cent to SR111.25. Saudi Arabian Mining Company (also known and branded as Ma’aden) lost 1.55 per cent to close at SR31.80. Earlier in the day, Ma’aden said that it awarded three Engineering, Procurement and Construction contracts with a total value of $4.3 billion. The contract for building a sulphuric acid plant and a power generation facility, valued at SR2.865bn ($764 million) was awarded on a lump sum turnkey basis to SNC-Lavalin International Inc, Sinopec Engineering Group, SNC-Lavalin Arabia LLC (SLA) and Sinopec E&C Middle East Co. The contract for building a phosphoric acid plant valued at SR3.506bn ($935m) was awarded on a lump sum turnkey basis to Hanwha Engineering & Construction Corp and Hanwha Saudi Contracting Co. The phosphoric acid plant, which will consist of three phosphoric acid lines when completed, will have a production capacity of 1.5 million tonnes. The contract for building an ore beneficiation plant valued at SR2.089bn ($557m) was awarded on a lump sum turnkey basis to China Huanqiu Contracting & Engineering Corp and HQC Middle East Co.

Gérard Al-Fil