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Tasnee and SAIC sign JV agreement for polyol plant

April 29/2011

(Arabian Oil and Gas) -- National Industrialization Company Tasnee and Saudi Advanced Industries Company SAIC have signed a joint venture agreement to establish a project to produce 120 KTa of polyether polyol, a product used in the production of polyurethane. The two partners said that the total investment of the project worth USD 122.65m (SAR460m), and 70% of the project financing will be from bank loans.

The project is slated to start commercial operations in the fourth quarter 2013, and will be owned 50/50 basis between the two partners.

Tasnee and SAIC signed last February a technology licensing agreement with the US based Carpenter Company.

In July 2010, Tasnee and SAIC signed a deal with Petro Rabigh to procure 100 KTa of propylene oxide, the feedstock for the production of the polyether polyol, which is the precursor of polyurethane, it is used in various industries such as furniture, automotive as well as in manufacturing construction materials.

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