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TASNEE forms JV with German EVONIK Company
27
Aug '11
TASNEE has announced that the Saudi Acrylic Acid Co., one of the subsidiaries of TASNEE & SAHARA Olefins Co., has signed a Heads of Agreement Basics to participate with German EVONIK Company to set up a factory to produce 80 tons per year of super absorbent polymer material in Al Jubail Industrial City.

The Saudi Acrylic Acid Co has already signed a joint venture agreement with Dow U.S. to establish a factory for to produce Acrylic Acid and Acrylates. It is worth mentioning that these factories are the first of their kind in the region and will benefit from Propylene produced by the giant Ethylene plant owned by TASNEE and SAHARA Co. with its partner Lyondell Basel. TASNEE owns 52.3% of the Saudi Acrylic Acid Company.

The German Company EVONIK is one of the leading international companies specialized in the field of super absorbent polymers, while the DOW is a leading manufacturer of Acrylic Acid and Acrylates. The Super Absorbent Polymers is used as a basic material for manufacturing of hygienic napkins and diapers. The Acrylic Acid and Acrylates are used for various applications as manufacturing of dyes and resins and many other industrial uses. The Super Absorbent Polymers project is expected to start production in the first quarter of 2013, with initial cost of about SR1 billion. It will provide about 100 direct job opportunities and this number can be increased with the gradual expansion of the project.

Tasnee

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