An announcement of the completed equity arrangements and the identity of investors is planned for 14 December, a source close to the project told MEED on 1 December. The company’s total equity will be about SR 750 million ($200 million). Among the shareholders in NPPC will be Gulf investors, a major international bank and other regional and European investors.
Progress is also being made on arranging a commercial debt tranche expected to be worth about SR 1,100 million ($293 million). GIB has the mandate to act as financial adviser on the debt financing.
US-based ABB Lummus Globalhas started preliminary basic engineering works on the project. The company also has the project management contract as well as licensing agreements for the plant’s technology – Catofin PDH and Novolen PP.
NPPC has selected South Korea’s Samsung Engineering Corporationfor the engineering, procurement and construction (EPC) contract. The signing of the contract has still to take place.