The local/South Korean joint venture Gulf Advanced Cable Insulation Company has awarded South Korea’s Posco Engineering a contract to build a wire and cable polymers compounding plant at Jubail in the Eastern Province of Saudi Arabia.  

The contract will cover the engineering, procurement and construction (EPC) of the plant on a lump-sum turnkey basis. The deal is valued at around $61m. The plant will be completed by the third quarter of 2013 and produce power cable insulation materials.

Gulf Advanced Cable Insulation Company is a 50:50 joint venture between the local Saudi International Petrochemical Company (Sipchem) and South Korea’s Hanwha Chemical Corporation.