Japan's JGC Corporationhas been selected for the estimated $1,000 million contract to build a new petrochemicals complex for Jubail Chevron Phillips (JCP). JGC's selection ends months of lengthy negotiations between the client and the three bidders for the contract, which will be signed soon. The complex will be located at the existing Saudi Chevron Phillips (SCP) complex in Jubail (MEED 5:12:03).
JGC, which has offered ethylene technology from the US' Shaw International, formerly known as Stone & Webster, won the contract against competition from US-based ABB Lummus Globalwith Japan's Toyo Engineering Corporation, and Paris-based Technip.
Under the engineering, procurement and construction (EPC) contract, JGC will carry out the construction of a 230,000-tonne-a-year (t/y) ethane cracker, a 715,000-t/y styrene plant and an 850,000-t/y ethyl benzene unit.
ABB Lummus has already been selected by JCP to supply the technology for the styrene and ethyl benzene units, while feedstock will be provided by Saudi Aramco. The US' Parsons Engineering Corporationis the front-end engineering and design (FEED) contractor.
The project has secured financial support worth SR 1,230 million ($328 million) from the Public Investment Fund, while additional funds will come from a Saudi Industrial Development Fund loan.
JCP has the same ownership structure as SCP. Both are joint ventures between the US' Chevron Phillips Chemical Companyand the Saudi Industrial Investment Group, which consists of local investors.
You might also like...
Amiral cogen eyes financial close
26 April 2024
Lunate acquires 40% stake in Adnoc Oil Pipelines
26 April 2024
Saudi Arabia's Rawabi Holding raises SR1.2bn in sukuk
26 April 2024
Iraq oil project reaches 70% completion
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
