The Saudi Arabian General Investment Authority (SAGIA) granted a license to JCP to go ahead with the project that involves the production of benzene, ethyl benzene, propylene and styrene. The project will cost over $1.2 billion, including the expansion of the group's existing plant in Jubail. Financing for the estimated $1.2 billion joint venture project will be provided through capital contributions from the co-venturers and loans from commercial banks and Saudi government agencies. Saudi Arabia's Public Investment Fund (PIF) has agreed to provide SR1.35 billion ($360 million) loan to the facility. JCP signed the commercial financing agreements with SAMBA Financial Group, Riyad Bank, Arab National Bank, Banque Saudi Fransi, Saudi Hollandi Bank and the Saudi Investment Bank.
The engineering, and procurement contract for the new styrene facility has been awarded to JGC Corporation and the construction contract to JGC Arabia Ltd. This is the first contract awarded to JGC by Jubail Chevron Phillips Company. JGC was selected on the basis of it project execution capabilities and due to its record of successful completions of large-scale petrochemical projects in the Middle East. JGC has a strong background in lump-sum turnkey operations of both hydrocarbon and non-hydrocarbon related projects with annual sales of approximately $3 billion. JCP has chosen ABB Lummus to supply the technology for the styrene and ethyl benzene units. When completed, the styrene plant will include feed fractionation, an olefins cracker, ethylbenzene and styrene monomer process units, and associated utilities and infrastructure.
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