Complex Made Simple

Sabic gains on Jubail Industrial progress, helps Tadawul market to recover

The Tadawul All-Share Index ended Monday 0.20% higher at 6,696.84 points. Petrochems and metals giant Sabic edged up by 1.11% to hit SR91. Earlier in the day Sabic said that KEMYA, a SABIC affiliate, has awarded the Engineering Procurement and Construction contracts on June 25 for the elastomers project in Jubail Industrial City to the following engineering contractors: Daelim Industries, Technip and Tecnicas Reunidas. The total investment has been estimated to $3.4bn and the partners are planning to finance it from their own resources and through third party debt. Al-Jubail Petrochemical Company (KEMYA) is a 50-50 joint venture between Sabic and Exxon Chemical Arabia Inc., an affiliate of ExxonMobil Chemical.