SAUDI ARABIA: Full Apex unit to invest SGD 4 billion in Saudi petrochemical project
Full Apex (Holdings) announced Thursday (18 Jan 2018) that its wholly-owned subsidiary, Pan-Asia PET Resin (Guangzhou) Co., is investing USD 3 billion (SGD 4 billion) to build a petrochemical and chemical fiber integrated project in the Jazan Economic City (JEC) in Saudi Arabia.
Pan Asia is currently an investor and manufacturer of polyethylene terephthalate (PET) resin in China.
The group plans for the project to be constructed in three stages, starting from 2018.
The first stage will include the construction of a PET plant and a purified terephthalic acid (PTA) plant, with capacity of 500,000 t/y and 1.25 million t/y, respectively.
The project is located near a refinery complex currently being built by Saudi Aramco – the world’s largest oil company – which is expected to have a crude oil processing capacity of up to 20 million t/y. Paraxylene (PX) produced by Saudi Aramco’s refinery will be used to produce PTA and PET.
The group says its project is expected to commence production in 2020.
It adds that it is considering various ways to finance the project, including loans from Saudi Industrial Development Fund, and capital funds from strategic partners.
Source: Daily “The Edge Singapore”, Singapore; 19 Jan 2018
(Syed Rashid Ali, Karachi, Pakistan)