RIYADH, 26 December 2002 — Saudi Arabia’s International Methanol Co. (IMC) yesterday signed a $240 million contract with Japan’s Chiyoda Corp. and local firm Chiyoda Petrostar Co. for the construction of a methanol plant.
The project involves design and construction of the plant with an annual production capacity of one million metric tons, said IMC.
IMC is a joint venture between the Saudi International Petrochemical Co. (SIPC) and Japan-Arabia Methanol Co. (JAMC). The deal also includes associated utilities and offsite facilities for the plant to be built in Jubail Industrial City. Construction of the plant is scheduled to start next March.
SIPC is a privately held Saudi joint stock company established to invest in the petrochemical, chemical and hydrocarbon base industries.
It is currently developing a petrochemicals complex in Jubail.
