Aldrees inks SAR 597 mln contract with Maaden subsidiary

19/10/2016 Argaam

Aldrees Petroleum and Transport Services Co. (ALDREES) on Tuesday signed a four-year contract with Maaden Waad Al Shamal for Phosphate Co. for a total value of SAR 597 million, the company said in a statement to Tadawul.

 

Under the deal, which will come into effect on Dec. 1, Aldrees will transport molten sulphur and phosphoric acid via trucks from Waad Al Shamal.

 

The petroleum retailer added that it expects the financial impact to show on its Q1-2017 results.  

 

The Waad Al Shamal phosphate project is a joint venture of Maaden (60 percent), US fertilizer major Mosaic Company (25 percent) and Saudi petrochemical giant SABIC (15 percent ).

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