DUBAI (Zawya Dow Jones)--Saudi Arabia Fertilizers Co. (2020.SA),
or Safco, an affiliate of petrochemical giant Saudi Basic
Industries Corp. (2010.SA), Thursday said it had awarded to Italy's
Saipem S.p.A. (SPM.MI) the contract to build a new, large-scale
fertilizer plant at a cost of 2 billion Saudi riyals ($533
million).
Under the turnkey engineering design, supply and construction
contract, Saipem will build Safco's fifth fertilizer plant with
annual capacity to produce 1.1 million tons of urea, Safco said in
an emailed statement.
Construction is due to take 26 months starting Dec. 6, with
commercial start-up scheduled for the third quarter 2014, Safco
said.
Safco's shares Wednesday closed flat at SAR181 on the Riyadh
bourse, which is closed Thursday for the weekend.
-By Oliver Klaus, Dow Jones Newswires; +9714 446-1693;
oliver.klaus@dowjones.com
Copyright (c) 2011 Dow Jones & Co.