Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) has awarded Filing and Packing Materials Manufacturing Company (FIPCO) a SAR 20.5 million contract to produce and supply plastic bags.

The deal’s value may vary based on the fluctuation of raw material prices, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The agreement’s delivery period will last for 19 months, starting from May 2018 until December 2019.

FIPCO expected that the transaction’s financial impact will be reflected in its financials as of the second quarter of 2018.