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.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 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.