A Schulman invests $14m in Saudi Arabia joint venture
By Frank Esposito, Plastics News
Posted 12 June 2012
A Schulman is moving into Saudi Arabia though a joint venture with state-owned National Petrochemical Industrial (NATPET).
Fairlawn-based Schulman is investing about $14m in the joint venture, which will build a polypropylene compounding plant in Yanbu, Saudi Arabia. Construction of the plant and related expenses are expected to total $70m. The plant will use Schulman technology and is expected to open by the end of 2014.
“Several aspects of this deal will accelerate A Schulman’s expansion and visibility in its priority growth markets of Africa, India and the Middle East,” Schulman executive Bernard Rzepka said in a statement. Rzepka serves as general manager and chief operating officer of Europe, Middle East and Africa for the firm.
The project “supports the Saudi government’s program in developing downstream projects and adding value to the intermediary petrochemical production” in the country, NATPET president Jamal Maliakah added in the release.
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