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Saudi Ma’aden Awards $825m Contract To South Korean Firm

Saudi Ma’aden Awards $825m Contract To South Korean Firm

South Korea’s Daelim Industrial Co will build an ammonia plant at Ras Al Khair, on the eastern coast of the Kingdom.

Saudi Arabian Mining Co (Ma’aden) has awarded a $825 million contract to South Korea’s Daelim Industrial Co to build an ammonia plant in the Kingdom, Ma’aden said in a bourse filing on Tuesday.

The plant, expected to be completed in late-2016 and will have a capacity of 1.1 million tonnes, will form the first part of its multi-billion dollar Waad Al-Shimal phosphate project, with other processing plants under the scheme to be constructed, the statement said.

Financing for the entire complex, which is due to cost around SAR26 billion ($6.93 billion), will be in place by the fourth quarter of this year, it added.

The development will be situated at Waad Al-Shimal City in the north of the country and have connected infrastructure at Ras Al Khair on the eastern coast of the Kingdom, Khalid Al-Rowais, vice president of finance at Ma’aden, told a conference in Dubai in January.

The ammonia plant will be built at Ras Al Khair, Monday’s statement said.

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