Yansab awards SAR 373 mln contract to Korea’s eTEC E&C

Yanbu National Petrochemical Co. (Yansab) has awarded an engineering, procurement and construction (EPC) contract worth SAR 373 million for an ethylene glycol DBN project to South Korea’s eTEC E&C, the Saudi petrochemical firm said on Monday.

The new project, slated for completion by the end of 2018, is forecasted to boost productivity by around 80,000 tons per year.

The project will be financed from the company’s internal resources, Yansab said.

The date of the pilot operations and relevant financial impact will be announced in due course, the statement added.

Yansab’s production capacity grew 11 percent year-on-year (YoY) to 4.15 million tons in 2016, constituting 103 percent of the designed aptitude. Sales also rose by 8 percent YoY to 2.34 million tons in 2016, data compiled by Argaam showed.

The firm, which is majority owned by SABIC, reported a net profit of SAR 2.3 billion last year, a 91 percent surge YoY attributed to lower cost of sales as some feedstock prices declined.