SABIC ANNOUNCES THAT KEMYA , A SABIC AFFILIATE, HAS AWARDE EPC CONTRACTS

Saudi Basic Industries Corporation (SABIC) announces that KEMYA, a SABIC affiliate, has awarded the Engineering Procurement and Construction (EPC) contracts on 25/6/2012 for the elastomers project in Jubail Industrial City, previously announced on TADAWUL on 1/3/2011 to the following engineering contractors: (Daelim Industries, Technip, and Tecnicas Reunidas).

The total investment has been estimated to 3.4 Billion dollar and the partners are planning to finance it from their own resources and through third party debt.

The project is expected to be completed during the year 2015 with a total annual capacity of 400 KTA of rubber including halo butyl, styrene butadiene, polybutadiene, and ethylene propylene diene monomer (EPDM) rubbers, thermoplastic specialty polymers, and carbon black to serve local markets, the Middle East and Asia.

Associated with the new KEMYA elastomers facility is the establishment of the High Institute for Elastomer Industries (HIEI), a Product Application Center in Riyadh, and thermoplastic polyolefin (TPO) compounding and inventory management facilities in Al-Jubail.

These facilities are aligned with the Kingdoms National Industrial Clusters Development Program to expand and diversify Saudi Arabias manufacturing sector.

Al-Jubail Petrochemical Company (KEMYA) is a 50-50 joint venture between Saudi Basic Industries Corporation (SABIC) and Exxon Chemical Arabia Inc., an affiliate of ExxonMobil Chemical.