Taiwan’s CTCI has been awarded a $94.5m contract to build a new cracking furnace for petrochemicals producer Saudi Kayan in Jubail, Saudi Arabia.

Saudi Kayan said in a statement on the Tadawul Saudi Stock Exchange that the project is expected to be completed in the second half of 2017.

CTCI carry out the engineering, procurement and construction (EPC) of the project. Saudi Kayan said the scheme would be funded by local financial institutions.

Saudi Kayan announced plans in February 2015 to increase ethylene production capacity by 93,000 tonnes a year (t/y) and ethylene oxide by 61,000 t/y by the second quarter of 2017.

The company completed the complex in 2012 and its products include ethylene and its derivatives such as polyethylene and ethylene glycol.