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Tasnee & Basell JV for ethylene & polyethylene complex
12 May '06
3 min read
Multi-national company Basell has signed a joint venture agreement with Tasnee & Sahara Olefins Company for the construction of a new integrated ethylene and polyethylene complex at Al-Jubail Industrial City in the Kingdom of Saudi Arabia.
The complex will include a gas cracker and two 400 KT per year polyethylene plants. One plant, based on Basell's latest generation Hostalen process, will produce high density polyethylene; the other plant, based on Basell's Lupotech T technology, will produce low density polyethylene.
Scheduled to start up in 2008, the units will be the largest Hostalen and Lupotech T process plants in the world. Basell will have a 25% equity share in the project, while Tasnee & Sahara Olefins Company will hold the remaining equity. Tasnee & Sahara Olefins Company is a recently established joint stock company.
Its main shareholders are Tasnee Petrochemicals and Sahara Petrochemical Company with a minor shareholding by the Saudi Arabian General Organisation for Social Insurance (GOSI).
“Basell & Tasnee Petrochemicals have already another joint venture, Saudi Polyolefins Company, which includes a 450 KT per year polypropylene plant in Saudi Arabia,” said Volker Trautz, CEO of Basell, who participated in a signing ceremony in Riyadh, Saudi Arabia.
“Following the excellent success of this joint venture, we look forward to extending our cooperation into polyethylene.”
Volker Trautz expressed his appreciation to Sahara Petrochemical Company which is also a major shareholder in this project. Sahara Petrochemical Company and Basell are currently developing a new 450 KT per year Spherizone polypropylene plant and propane dehydrogenation unit in Al-Jubail.
Trautz said, “The implementation of this major ethylene and polyethylene complex with the combined strengths of Tasnee, Sahara and Basell will create a world-class facility with competitive feedstock and operating costs as well as sustainable product property advantages in an increasingly competitive world market."
The complex will include a gas cracker and two 400 KT per year polyethylene plants. One plant, based on Basell's latest generation Hostalen process, will produce high density polyethylene; the other plant, based on Basell's Lupotech T technology, will produce low density polyethylene.
Scheduled to start up in 2008, the units will be the largest Hostalen and Lupotech T process plants in the world. Basell will have a 25% equity share in the project, while Tasnee & Sahara Olefins Company will hold the remaining equity. Tasnee & Sahara Olefins Company is a recently established joint stock company.
Its main shareholders are Tasnee Petrochemicals and Sahara Petrochemical Company with a minor shareholding by the Saudi Arabian General Organisation for Social Insurance (GOSI).
“Basell & Tasnee Petrochemicals have already another joint venture, Saudi Polyolefins Company, which includes a 450 KT per year polypropylene plant in Saudi Arabia,” said Volker Trautz, CEO of Basell, who participated in a signing ceremony in Riyadh, Saudi Arabia.
“Following the excellent success of this joint venture, we look forward to extending our cooperation into polyethylene.”
Volker Trautz expressed his appreciation to Sahara Petrochemical Company which is also a major shareholder in this project. Sahara Petrochemical Company and Basell are currently developing a new 450 KT per year Spherizone polypropylene plant and propane dehydrogenation unit in Al-Jubail.
Trautz said, “The implementation of this major ethylene and polyethylene complex with the combined strengths of Tasnee, Sahara and Basell will create a world-class facility with competitive feedstock and operating costs as well as sustainable product property advantages in an increasingly competitive world market."
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