Saudi-Korean JV signed for $50m chemical plant

Saudi-Korean JV signed for $50m chemical plant

A new joint venture has been signed between Saudi and Korean firms to establish a $50m manufacturing plant in PlasChem Park in the kingdom’s Jubail Industrial City 2.

The JV was agreed between Maydan Industry for Industrial Development & Investments Co., Ahmad Kassim Al-Amoudi Group Co. Ltd., and the South Korean technology company SFC to establish Surfactant Detergent Company Ltd. (SDC), according to the Saudi Gazette.

The new facility will produce a range of surfactants, which are specialty chemicals used in the production of detergents and other applications.

Chairman of Maydan Industry, Abdulrahman Al-Swailem, said “This new venture is inspired by the Kingdom’s Vision 2030 which seeks to diversify the economy. The planned manufacturing facility is expected to be 40,000 metric tons with an approximate capital expenditure of SR189m ($50m).”

Read the full article on Construction Week Online.