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Alwasail pens SAR 300m contract with SABIC

Alwasail pens SAR 300m contract with SABIC
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Riyadh – Mubasher: Alwasail Industrial Company and Saudi Basic Industries Corporation (SABIC) inked a SAR 300 million agreement on 31 January 2023, according to a recent bourse filing.

The deal aims to supply around 60,000 metric tonnes of raw materials for the manufacturing and production activities of Alwasail’s factories. This includes polyethylene pipes and their derivatives, which cover more than 90% of the company's products.

Meanwhile, the contract holds a one-year duration period from 1 January 2023 to 31 December 2023.

Furthermore, the deal will reflect positively on Alwasail’s income statements during the first quarter (Q1) of 2023.

Last October, Alwasail secured a SAR 34.90 million loan from the Saudi Industrial Development Fund (SIDF).