Riyadh — Mubasher: Naas Petrol Factory Company (Petrol Naas) unveiled the signing of a long-term lease agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to establish a new petrochemical production facility.
The contract was officially signed on 3 August 2026 and involves the lease of an industrial land plot totaling 25,799 square meters located in Al Kharj Industrial City, according to a bourse disclosure.
The agreement carries a duration of 20 years and stipulates an annual rental value of SAR 51,598.41 excluding value-added tax.
Under the terms of contract number 126001148, Petrol Naas intends to construct a factory to produce petrochemical products, aligning with its strategic expansion plans to introduce new high-quality products to the Saudi market.
The company stated that the financial impact of the lease is expected to materialize following the completion of construction and the commencement of operational activities.
This move is part of the firm’s sustainable growth strategy to enhance its competitiveness and support national industrial development goals.
Petrol Naas confirmed there are no related parties involved in the transaction and committed to disclosing further material developments regarding the factory's construction in due course.
The company recently completed the entire construction phases for its industrial facility in Al Kharj.
