SR100m lubricant plant to be set up in Jazan

SR100m lubricant plant to be set up in Jazan
Updated 12 February 2015

SR100m lubricant plant to be set up in Jazan

SR100m lubricant plant to be set up in Jazan

Prince Turki bin Mohammed bin Nasser, director of international trade at the Ministry of Commerce and Industry and supervisor of Jazan Industrial City, on Thursday signed an agreement with Faiz Mohammed, managing director of Al-Mohtesham Trading, to establish a SR100 million lubricant plant in the city.
Speaking to Arab News after signing the accord, Mohammed, a prominent Indian businessman, said the plant would produce 2.4 million tons of lubricants annually. “This will be our third lubricant plant in the GCC. Other plants are in Dubai and Oman,” he said while disclosing plans to expand his company’s operations in Saudi Arabia.
Sheikh Rafik Mohammed, chairman of Gammon Group, which is developing the SR75 billion Jazan Industrial City, said a number of international companies have expressed their intent to implement their projects in the new city.
“The Jazan industrial city will spur the economic growth of Jazan and bring about a face-lift for the region,” said Sheikh Rafik, who is spearheading the campaign to develop a state-of-the-art city with various industries including pharmaceuticals and petrochemicals.
Prince Turki has been authorized by the government to develop the city by bringing foreign investors to build the city’s entire infrastructure facilities as well as to establish plants for automobile industries, IT parks, food processing plants, building materials, hospitals and hotels.
“The main attraction of this Jazan venture is that if major companies are ready to invest and transfer their technology, the government will pay them 75 percent of their project cost in soft loans for 20 years,” Mohammed told Arab News.