Tasnee & Sahara Olefins Company and Basell sign joint venture agreement

15-May-2006

Basell has signed a joint venture agreement with Tasnee & Sahara olefins Company for the construction of a new integrated ethylene and polyethylene complex at Al-Jubail Industrial City in the Kingdom of Saudi Arabia.

The complex will include a gas cracker and two 400 KT per year polyethylene plants. One plant, based on Basell's latest generation Hostalen process, will produce high density polyethylene; the other plant, based on Basell's Lupotech T technology, will produce low density polyethylene. Scheduled to start up in 2008, the units will be the largest Hostalen and Lupotech T process plants in the world.

Basell will have a 25% equity share in the project, while Tasnee & Sahara Olefins Company will hold the remaining equity. Tasnee & Sahara Olefins Company is a recently established joint stock company. Its main shareholders are Tasnee Petrochemicals and Sahara Petrochemical Company with a minor shareholding by the Saudi Arabian General Organisation for Social Insurance (GOSI):

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