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Eye of Dubai
Business & Money | Sunday 22 February, 2015 10:03 am |
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“InoChem” ANNOUNCES APPROVAL OF ONE MILLION SQUARE METERS PLOT FOR REGION’S LARGEST SODA ASH AND CALCIUM CHLORIDE FACTORY


Jeddah, February 22: IDEA Soda Ash and Calcium Chloride Company (ISACC) has received approval from the Royal Commission in Yanbu to allocate one million square meters of land for the project the company is developing to build an industrial complex at Yanbu Industrial City. The industrial complex will include a factory for the production of 300,000 tons of soda ash, which considered the first of its kind in the Gulf region and the largest in the Middle East and North Africa (MENA) region. The complex also includes a calcium chloride plant that is considered the largest in the Middle East and North Africa (MENA) region with an annual capacity of 300,000 tons. The project will be owned and managed by InoChem (Khair Inorganic Chemical Industries Co.) a Saudi closed joint stock company under establishment.

“This is one of the Kingdom’s strategic projects to maximize investment in non-oil national resources and to diversify income sources and reduce dependence on oil exports,” said Abdul Aziz Yahya Al-Muaiyyad, Managing Director and Chief Executive Officer of ISACC. He also praised the continuous and effective support provided by the Royal Commission of Jubail and Yanbu for all the projects in Yanbu Industrial City, which is, not only limited to the provision of land but is also extended to the provision of all other industrial infrastructure and utilities, in cooperation and coordination with MARAFIQ. According to Al-Muaiyyad, the allocated land is sufficient not only to meet current needs for the production of soda ash and calcium chloride but also takes in consideration the company’s strategic growth master plan to meet the future growth of the regional demand. Conservative market studies indicate that the demand for soda ash in the Middle East and North Africa will reach 2.15 million tons annually by 2023, while demand for calcium chloride in the Middle East and North Africa will reach some 722,000 tons annually by 2023. He also added, “The project also is expected to contribute to the industry developments through supplying its products to a number of downstream manufacturing projects, while committing to strategic plans aimed at a Saudization of workforce to up to 75% of total employees”.

Al-Muaiyyad highlighted that the project is currently on schedule, with all necessary infrastructure and utilities allocated. These utilities include power, seawater for cooling, potable water, and industrial wastewater systems.

ISACC announced previously that it had received approval from the Ministry of Petroleum and Mineral Resources to renew the allocation of feedstock (industrial gas and heavy fuel) for the project, marking an important step toward executing the project contracts.

Key to mention is that InoChem (Khair Inorganic Chemical Industries Co.) is a Saudi investment being founded by IDEA International for Investment and Development Company, MEDA Chemical Group, and a group of businessmen and major investment companies.
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