Alujain is also in the process of selecting a project management consultant (PMC) by the end of July for its planned propylene project, which will be operated by a limited liability company named The National Propylene Company (Alfasel). The London office of ANZ Investment Bankand Kuwait-based Gulf Investment Corporation (GIC)have been appointed financial advisers to arrange commercial loans for Alfasel, in which Alujain is a major stakeholder, and for a nearby project operated by Yanbu-based Teldene. The ANZ/GIC team are also acting as advisers on Alfasel’s equity portion.

The Alfasel project will comprise a 420,000-tonne-a-year (t/y) propane dehydrogenation (PDH) plant, for which the US’ UOPwill provide its oleflex technology. The PDH unit will feed the Teldene plant, which will produce about 400,000 t/y of polypropylene. The local National Petrochemicals Company (Natpet), in which Alujain holds a 42 per cent stake, is a major shareholder in Teldene (MEED 26:3:04).