Sabic: $561 mln deal with Spain

Arabian Petrochemical Co., a subsidiary of Saudi Basic Industry Corp. (Sabic), has signed a letter of intent with Tecnicas Reunidas of Spain for engineering and building of a new petrochemical plant in Saudi Arabia, the Saudi company announced Saturday. The $561 million contract is for a new acryilonitrile butadiene styrene plant at Al-Jubail industrial city, in the country's east, according to a statement posted on the website of the Saudi stock exchange. Arabian Petrochemical Co. will finance the project internally, it said. The project is expected to be completed in the fourth quarter of 2014, with annual capacity of 140 KTA in products used in the automotive and electrical sectors and elsewhere. (QNA)