Basic Chemical Industries set to establish SAR 1.2 bln chlorine project with EA Juffali

Basic Chemical Industries (BCI) signed a one-year memorandum of understanding ​on Sunday ​with Ebrahim A. Juffali & Brothers Co. to establish an equally​-owned joint project that will produce chlorine derivatives at an estimated cost of SAR 1.2 billion.

If the project proves feasible, its finance structure will involve equity investors, commercial debts, and a loan from the Saudi Industrial Development Fund (SIDF), BCI added.

In a statement to Tadawul, the chemical producer said the project will have a production capacity of 200,000 tpa. The facility will be implemented in three years. No other parties are involved in the project, BCI added.

​The ​Royal Commission for Jubail and Yanbu (RCJY) has initially allocated nearly 300,000 square meters of land for the project in the second industrial zone of Jubail city.