Advanced says no agreement reached on Pygas, Pyoil downstream project

26/04/2021 Argaam

Logo of Advanced Petrochemical Co.

Advanced Petrochemical Co. announced the end of the heads of agreement term, which was signed with Global Company for Downstream Industries (GDI) for the development of Pygas and Pyoil downstream project in Jubail Industrial City II.

 

The two parties did not reach any agreement on the project, Advanced said in a bourse filing.

 

No significant or material costs are expected from the end of this agreement, the company added.

 

In November 2017, Advanced signed a six-month heads of agreement to develop Pygas and Pyoil Downstream Project in Jubail Industrial City II with GDI, a Saudi entity engaged in developing specialized chemical products and other downstream industries, Argaam reported.

 

The total cost of the project was estimated at $580 million (SAR 2.17 billion), which was to be financed 30% from equity and 70% through debt.

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