Daelim has won the $960m polyolefins package while JGC has won the estimated $1bn cracker contract, which covers the construction of a 1.2 million tonnes a year mixed feedstock cracker (MEED 16:11:07).

Daelim competed against Italy’s Tecnimont for the contract. JGC beat Italy’s Snamprogetti and South Korea’s Samsung Engineering Company to win its contract. Construction will be completed in April 2011.

Parsons E&C, part of Australia’s WorleyParsons, is the front-end engineering and design, and project management consultant.

The project will cost $4.8bn to build and has received finance offers of $1.8bn from 20 local and international banks, according to Saudi Industrial Investment Group, one of the partners in National ChevronPhillips.

It added that further funding will come from the government's Industrial Development Fund, the Public Investment Fund and shareholders in the project.