10 Hrs
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الاقتصادية
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Sabic Nutrients grants $3.46bn factory contracts
Sabic Agricultural Nutrients announced the awarding of its seventh project contract to Samsung, valued at over $3.46 billion. The project includes a new ammonia complex with a capacity of 1.2 million tons annually and two urea plants with a total production capacity of 2.6 million tons per year, in addition to a carbon capture unit. Construction is expected to begin in the fourth quarter of 2026, with commercial production starting in the fourth quarter of 2030. This will boost the company's urea production capacity by 54%, increasing it from 4.8 million to 7.4 million tons annually. The project aims to enhance Saudi Arabia’s readiness to strengthen food security and support its Vision 2030. It will help reduce the carbon footprint, improve competitiveness, and promote sustainability. Market expectations indicate an improved demand for urea in the third quarter of this year after prices peaked, supported by market stabilization and better supply availability.
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