SABIC reaches an agreement with the Ministry of Petroleum regarding fuel allocation to Hadid's project

08/06/2013 ِArgaam

The  Saudi Arabian Basic Industries Corporation (SABIC) reached an agreement with the ministry of petroleum and mineral resources regarding fuel allocation to establish a new project in Al Jubail and Kind Abdullah Economic City in Rabigh for Hadid co. (An Affiliated co.), said a statement on Tadawul today.

 

The project's total expected cost is SAR 16bn which will be financed by commercial loans along with the company's internal resources.

 

Al Jubail plant will include a factory for producing heavy plates with an annual capacity of 1.5m tons while KAEC in Rabigh plant will produce tin-plated sheets, rolled products and cold rolled steel coils and galvanized steel coils with an annual capacity of 1m tons.

 

 This project is expected to provide about 2450 direct jobs and many indirect jobs and will contribute to covering and meeting KSA current and future needs of specialized products.

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