Commitments for the company’s total equity of about SR 750 million ($200 million) are already in place, sources close to the deal say. Plans are also being drawn up for a commercial debt tranche expected to be worth about SR 1,100 million ($293 million). Basic engineering on the project is to begin within weeks by US-based ABB Lummus Global, which also has the project management contract as well licensing agreements for the plant’s technology – Catofin PDH and Novolen PP.

NPPC is expected to sign a contract with South Korea’s Samsung Engineering Corporation for the engineering, procurement and construction (EPC) contract before the end of the year.