Riyadh – Mubasher: Advanced Petrochemical Company said its subsidiary Advanced Global Investment Company signed engineering, procurement, and construction (EPC) contracts worth a total of $1.68 billion to build propylene plants.
Advanced Global Investment signed EPC agreements worth $1.19 billion with Samsung Engineering and Samsung Saudi Arabia.
This is in addition to $485 million EPC contracts with Tecnimont and Tecnimont Arabia, according to a bourse disclosure to Tadawul on Wednesday.
All contracts carry a duration period of 37 months for the construction of the plants in Jubail II industrial city in Saudi Arabia.
The financial impact is expected to reflect after commercial operations commence by the second half (H2) of 2024.
Advanced Petrochemical recently announced the resumption of operations at two of its propylene and polypropylene plants earlier this week after completing all required routine and preventive maintenance.
