Punj Lloyd group signs up for a fixed price services contract to build a new 300ktpa LDPE plant in Saudi Arabia

Punj Lloyd Ltd has announced that the Company, has through its subsidiary - Simon Carves Ltd - signed a Letter of Intent (LOI) to build a new 300 ktpa LDPE plant in Saudi Arabia for the Saudi Kayan Petrochemical Company, an affiliate of Saudi Basic Industries Corporation (SABIC).

The plant, due to start up in the first quarter of 2010, is to be built at Saudi Kayan's petrochemical complex at Al-Jubail Industrial City, KSA, and will incorporate technology from Basell GmbH.

The Letter of Intent is on the basis of a fixed price for Contractor's services and a conversion to a lump sum Engineering, Procurement, Construction (EPC) price, once detailed engineering is sufficiently defined.

Simon Carves Ltd is a petrochemical giant with as many as 125 years of experience in successfully delivering plants safely, on time and within budget to customers internationally. This project is the 39th high pressure polyethylene plant of this type executed by Simon Carves, confirming its position as #1 in this field. The 10th project in Saudi Arabia, it underlines Simon Carves successful track record and reputation in engineering, procurement and construction of process plants worldwide.

Source : Equity Bulls

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