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National Industrialization Co. Announces Ethylene Cracker Expansion Project
| Element List | Explanation |
|---|---|
| Introduction | The National Industrialization Company TASNEE announces the award of the engineering, procurement, and construction (EPC) contract on December 21, 2023, to SGC-eTEC to expand the ethylene cracker plant at the Saudi Ethylene and Polyethylene Company (SEPC), a Joint Venture of Tasnee Sahara Olefins Company (TSOC), which Tasnee owns by 60%.
The total value of the contract is estimated at $500 million, and the project will be financed through the company's own resources and other debt facilities. The project is expected to be completed and production to begin in the first half of 2026, with an increase in production of olefins at the ethylene cracker plant by 18%. According to contracts and expected prices, this is expected to contribute positively to the consolidated profits of TASNEE by an average of SAR 200 million per year. |
| Project Start Date | First quarter of 2024 |
| Project Cost | 500 million USD |
| Financing method for the project | 30% equity 70% debt |
| Expected completion date of the project | First half of 2026 |
| Expected Impact on the Company’s Financial Results | 200 million SAR |
| Expected Date on Which the Impact on the Financial Results of the Company will Start | Financial statement of 2026 |
| Expected Date for the Pilot Production of the Project to Begin | First half of 2026 |
| Duration of the pilot production of the project | First half of 2026 |
| Expected date for the commercial production of the project | First half of 2026 |
| Executing Party/Counter Party in the Project/Contract | E-Tec/SGC |
| Related Parties | no related party involvement |
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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