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A number of international engineering companies have bid to build a 50,000 tonnes-per-year polyacetal plant for Saudi Basic Industries Corp (SABIC) affiliate Ibn Sina
In 2010, SABIC had said that the project would require investment of nearly US$400mn to construct the plant, which would produce a plastic used mainly in the car industry.
A report by Reuters, quoting industry sources, revealed that Spain's Dragados, China National Chemical Engineering Co (CNCEC), Taiwan's CTCI and South Korea's Hanwha Engineering and SK Engineering and Construction, have all made bids.
National Methanol Co, better known as Ibn Sina, is 50 per cent owned by SABIC, while Celanese Corp and an affiliate of Duke Energy Corp each hold a 25 per cent stake.
The plant was originally planned to start operations in 2013 with engineering and construction work scheduled to begin by 2011.