03 May 2010
03 May 2010
Eastern Petrochemical Company (EPetCo), a fibreglass plant in Jubail in the Kingdom of Saudi Arabia capable of producing up to 60,000 MT, has received a loan of 200 million Saudi Riyals (US$ 54million) from the Saudi Industrial Development Fund (SIDF).
Dr. Faisal Bin Hamad Sugair was pleased to receive the loan from the SIDF, and stressed that the loan confirms the intention of the Government of the Custodian of the Two Holy Mosques to support and collaborate on projects that achieve progress and prosperity for Saudi Arabia. Dr. Faisal said that the EPetCo factory has a promising future in light of the region’s economic activity and future development projects.
For his part, Mr. Faysal Hamza, the Managing Director of EPetCo, said that the company has completed many of the initial tasks related to setting up the factory, including all formal requirements and permits for the project. The company was granted the land for the plant by the Royal Commission for Jubail and Yanbu in a prime location in the industrial area in Jubail. EPetCo has also obtained all licenses and approvals relating to the allocation of electrical power for the plant as well as the allocation of gas from Saudi Aramco to run the furnaces, and oxygen from SABIC, which will enable the increased productivity of the blast furnaces.
Moreover, Dr. Mohammed Al Najjar, President and CEO of EPetCo, confirmed that the company has received most of the equipment and manufacturing machineries and has completed all civil works. He stressed that company will be using the most recent and advanced technology the fiberglass industry has to offer. Dr. Najjar emphasized that the company will be recruiting the best and most experienced candidates in the field to join the highly competent team in the Jubail plant. He highlighted that ""People are the most valuable assets in our business"".
EPetCo factory will be the largest factory in the Middle East for the production of corrosion resistant ECR fiberglass strands and various related products such as fibreglass Chopped Strand Mats (CSM), Woven Roving, and Chopped Strands. The plant’s production capacity is 60,000 tons per year initially, with a plan to raise the production capacity to 120,000 tons during the first two years, with more strategic development plans in the region.