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ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE SIGNING OF ENGINEERING, PROCUREMENT AND CONSTRUCTION CONTRACTS BY ADVANCED POLYOLEFINS INDUSTRY COMPANY FOR THE CONSTRUCTION OF AN ISOPROPANOL PLANT IN JUBAIL INDUSTRIAL CITY, KINGDOM OF SAUDI ARABIA
| Element List | Explanation |
|---|---|
| Introduction | Advanced Petrochemical Company (ADVANCED) is pleased to announce that Advanced Polyolefins Industry Company has signed Engineering, Procurement and Construction Contracts (EPC) with SGC eTEC Co., Ltd. and SGC Arabia Co. Ltd. for the construction of an Isopropanol ("IPA") plant with 70,000 tons per annum capacity. |
| Date of Announcement of the Award | 2024-02-17 Corresponding to 1445-08-07 |
| Contract Subject Matter | The signing of Engineering, Procurement and Construction Contracts with SGC eTEC E&C Co., Ltd. and SGC Arabia Co. Ltd. for The Construction of IPA Plant in Jubail Industrial City, Kingdom of Saudi Arabia |
| The Entity with Which the Contract was Signed | SGC eTEC Co., Ltd. and SGC Arabia Co. Ltd. |
| Date of Signing the Contract | 2024-02-17 Corresponding to 1445-08-07 |
| Contract Value | Total Contract Value of USD 191,255,000 million |
| Contract Details | EPC Contracts for the construction of the IPA plant to produce 70,000 tons per annum with all required off-sites, utilizing the technology provided by thyssenkrupp Uhde Engineering Services GmbH. |
| Contract Duration | 32 months from the notice to proceed as per the provisions of the Contracts. |
| Financial Impact and the Relevant Period | The financial impact is expected after the commencement of commercial operations expected by Q4 2026. |
| Related Parties | Not Applicable |
| Additional Information | It is worth noting that the production of IPA is part of the Kingdom’s downstream industry strategy which is in line with the Kingdom’s Vision 2030. IPA is used in variety of industries such as: industrial solvents, medical and cosmetics applications, electronics and other downstream applications. The IPA Plant is considered to be the first of its kind and specialized in the Kingdom of Saudi Arabia and the Middle East to produce Isopropanol with an annual production capacity of up to 70 thousand tons, which represents a major step towards achieving product diversification for ADVANCED in particular, and enhancing the diversity of specialized chemicals in the petrochemical industry sector in the Kingdom. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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