JEDDAH, 30 March 2005 — The board of directors of Saudi Arabian Mining Company (Maaden) has given the go-ahead for its SR7.77 billion phosphate project.
Minister of Petroleum and Mineral Resources Ali Al-Naimi chaired the board meeting.
“This is one of Maaden’s main projects which will support the Saudi economy and increase its GDP,” Dr. Abdallah E. Dabbagh, president and CEO of the company, said.
Maaden will continue through a program of advance engineering which will lead to site work commencing in the third quarter of 2005, and award of major EPC contracts in the fourth quarter of 2005. When completed, a fertilizer complex will come up with the largest fully integrated diammonium phosphate (DAP) plant in the world.
The Maaden Phosphate Project is expected to produce 3 million tons of high quality DAP for export, provide 1,400 direct employment opportunities, and generate SR2.25 billion of export revenue.