Full Apex unit to invest $4 bil in Saudi petrochemical project – Full Apex (Holdings) announced Thursday that its wholly-owned subsidiary, Pan-Asia PET Resin (Guangzhou) Co., is investing US$3 billion ($4 billion) to build a petrochemical and chemical fiber integrated project in the Jazan Economic City (JEC) in Saudi Arabia – Apex Saudi petrochemical project PET Purified Terephthalic Acid - Arhive

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Full Apex unit to invest $4 bil in Saudi petrochemical project

By:
Stanislaus Jude Chan

SINGAPORE – Full Apex (Holdings) announced Thursday that its wholly-owned subsidiary, Pan-Asia PET Resin (Guangzhou) Co., is investing US$3 billion ($4 billion) to build a petrochemical and chemical fiber integrated project in the Jazan Economic City (JEC) in Saudi Arabia.

Apex Saudi petrochemical project PET Purified Terephthalic Acid Pan Asia is currently an investor and manufacturer of Polyethylene Terephthalate (PET) resin in China.

The group plans for the project to be constructed in three stages, starting from 2018.

The first stage will include the construction of a PET plant and a Purified Terephthalic Acid (PTA) plant, with annual capacity of 500,000 tons and 1.25 million tons, respectively.

The project is located near a refinery complex currently being built by Saudi Aramco – the world’s largest oil company – which is expected to have an annual crude oil processing capacity of up to 20 million tons. Paraxylene (PX) produced by Saudi Aramco’s refinery will be used to produce PTA and PET.

The group says its project is expected to commence production in 2020.

It adds that it is considering various ways to finance the project, including loans from Saudi Industrial Development Fund, and capital funds from strategic partners.

JEC is one of six economic cities built by Saudi Arabia to achieve its Vision 2030 plan to reduce the country’s overdependence on crude oil, improve its industrial capability, and lift the country to become one of the world’s 15 largest economies.

Shares of Full Apex last closed at 30 cents on Monday.

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