Maaden signs SAR 3.5B contracts to develop 3rd phosphate fertilizer project

Saudi Arabian Mining Co. (Maaden) signed a bundle of contracts related to the development of the third project for manufacturing phosphate fertilizers, with a value of SAR 3.5 billion.

Maaden announced on Tadawul that key contracts for its third phosphate fertilizer project include:

Ras Al Khair: A $325 million (SAR 1.22 billion) contract for general construction works with branch of China National Chemical Engineering Co. Ltd. (CNCEC).

Wa'ad Al Shamal: A $363 million (SAR 1.36 billion) general construction contract (SAP, PAP & OSBL) with branch of Sinopec Nanjing Engineering Co., Ltd. (SEG Nanjing)

A $234 million (SAR 877 million) general construction contract with Tekfen Construction.

In November 2016, Maaden announced the development of its third phosphate fertilizer project, a SAR 24 billion venture. The project, anticipated to be phased, aims for an annual production capacity of three million tons, according to data available on Argaam.