Riyadh – Mubasher: Saudi Top for Trading Company signed a memorandum of understanding (MoU) with Rabigh Refining and Petrochemical Company (Petro Rabigh) to establish a factory at a value of SAR 100 million.

Of the total amount, SAR 60 million will be utilised in the first phase of the project, while the remaining SAR 40 million will be directed to the second phase, according to a bourse filing.

The factory will be built on an area of 34,000 square metres to produce 50,000 tonnes annually of polymer compounds, rubber, and waxes in Rabigh PlusTech Park for 30 years.

Petro Rabigh will supply scrap materials, including polymer, rubber, and industrial wax. 

Meanwhile, the agreement holds a 12-month duration period starting from the signing date on 13 December 2022.

Last Thursday, Saudi Top for Trading commenced the listing and trading of its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul).