Home Economy South Korean firm grabs record deal with Saudi Arabia

South Korean firm grabs record deal with Saudi Arabia

By IANS

Seoul : South Korean construction and engineering firm Daelim Industrial Company has clinched a record $960 million order from a Saudi Arabian chemical company to build a polymer production plant, WAM news agency reported Monday.

The plant, to be built in Al-Jubail, an industrial complex 600 km east of the Saudi Arabian capital Riyadh, will have an annual capacity of 550,000 tonnes, Daelim Industrial said in a statement Sunday.

It would take 40 months to complete the plant, it said.

With the latest deal, Daelim has obtained contracts worth more than $3 billion for building plants in the Al-Jubail industrial complex, a company official said.