Riyadh - Mubasher: Saudi Khair Inorganic Chemical Industries Company (InoChem) on Wednesday said that it has signed a SAR 900 million loan agreement with the Saudi Industrial Development Fund (SIDF).

The financing will be injected into establishing an industrial complex in Ras Al Khair Industrial City in the Eastern region, according to the company’s press release.

Scheduled to be set up under Build, Own, and Operate (BOO) scheme, the project will produce the inorganic products; soda ash and calcium chloride, the Saudi petrochemical products producer added. 

The industrial complex is the first-of-its-kind in the GCC and the largest in the Middle East and North Africa, InoChem highlighted, noting that the project’s first phase is expected to start by 2020 with a production capacity of 600,000 tonnes a year. 

“This strategic project is perfectly in line with the goals and priorities of the Kingdom’s Vision 2030,” company CEO Abdulaziz Yahya Al Muaiyyad said.

The project will utilise the state-of-the-art technology to locally produce two products, which are currently imported from abroad, by using 100% locally-sourced raw materials from the kingdom’s mineral reserves, InoChem said.

The firm mentioned that the new petrochemical complex will create more than 1,500 jobs for Saudi citizens.