Press Release: GPMC signed MOU with Saudi Aramco, Sumitomo Chemical Co. and PetroRabigh to build a 100 million dollar Compounding Plant
Manama, Kingdom of Bahrain-March 9, 2009
A Memorandum of Understanding (MOU) was signed today between Global Petrochemical Marketing Company (GPMC) and each of Saudi Aramco and Rabigh Conversion Industry Management Services Company (owned by Sumitomo Chemicals Co.)
The company GPMC is to construct and operate a facility to produce 175,000 metric ton/year of different thermoplastic compounds.
The MOU was signed by GPMC Chairman and Managing Director, Dr. Mohamed Al-Terkait, and Vice Chairman, Eng.Abdullah S Al Nojaidi, Eng. Ahmed S Bashaweih, Sr. Project Manager of Rabigh Conversion Industrial Park and Mr. Kiyoshi Sawai, General Manager of Sumitomo Chemical.
The signing ceremony was attended by GPMC board members, Company seniors and Mr. Khalid Al Alagil, Director Joint Venture Development Department of Saudi Aramco, representatives from Saudi Aramco, Sumitomo Chemical Co. and PetroRabigh Co.
The initial estimate of investment for the project is around $100 Million.
