JEDDAH, 10 June 2003 — Project Management and Development Co. (PMD) of Saudi Arabia and Arab Banking Corporation (ABC) of Bahrain have signed an agreement appointing ABC as adviser for the Olefins and Amines Projects developed by PMD.
According to Gulf Daily News, ABC was appointed to its advisory role from amongst several regional and international bidders, some of them Saudi. The two projects will be located in Jubail Industrial City. PMD is a leading company in the field of petrochemical industries development in Saudi Arabia.
The company announced earlier that the two projects will create around 1,500 jobs, and will be producing 3 million tons of petrochemical products including polyethylene, polypropylene, ethylene glycol, benzene, phenols, methylamines and derivatives, ethanol amines and ethoxylates.
PMD earlier signed a memorandum of understanding with Linde A.G. of Germany to be the technical adviser defining the final outlook for each project, produce bankable feasibility studies that will be submitted to financing establishments, coordinating with technology providers and product marketers.
