Saudi Basic Industries Corporation (SABIC) affiliate Jubail Chemicals Storage and Services Co (JCSSC) has been awarded a contract by China National Chemical Engineering Co (CNCEC) to build a storage and shipping terminal in Jubail
Signed by JCSSC, the engineering, procurement and construction agreement at King Fahd Industrial Port will be a joint venture with Netherlands-based Vopak, which will hold a 25 per cent stake.
?The project will enable the continued growth of the petrochemical and downstream industries in Saudi Arabia,? SABIC said.
The first phase of the project will include around 40 commodity and chemical storage tanks, along with truck and ship loading facilities.
Total investment in the project is expected to be approximately US$400mn, paid for with a combination of company funding and external finance. Meanwhile, the storage capacity of the terminal will be approximately 250,000 cubic metres, according to SABIC.
The company said that the project is scheduled for completion in early 2015.
CNCEC has previously worked on the SABIC petrochemicals project at Yanbu, Saudi Arabia.
