Riyadh-Mubasher: Saudi Kayan Petrochemical Co. said it has awarded Taiwan-based CTCI Corp. a contract worth SAR 354.4 million ($94.5 million) to build a new cracker at its complex in Jubail Industrial City.
Accordingly, CTCI will manage the engineering, procurement and construction management (EPCM) for the project, the petrochemical producer said in a bourse statement Monday.
The project will be financed from local institutions, Kayan said, expecting to complete the new cracker in the second half of 2017.
The date of trial operation and the expected financial impact will be announced later.
