02/24/2015

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SAUDI ARABIA: Advanced PC signs off-take agreements with Mitsubishi & Domo for sale of PP

Under the terms of the agreements, Advanced will supply Mitsubishi with 150,000 t/y of PP and Domo with 100,000 t/y of PP, effective on 1st January, 2019 for a period of 10 years after the expiry of existing off-take agreements. At the same time, Advanced signed short-term off-take agreements with Mitsubishi and Domo Chemicals Asia, a subsidiary of Domo Investment, for the sale of an additional 50,000 t/y of PP to both companies, effective on 1st February, 2015 for a period of four years. The additional PP will be produced from outsourced propylene purchased from a local supplier. "Securing a long-term off-take commitment . . . will help to achieve the company's long term strategic plans and will also improve the profitability of the company due to improved marketing fee and better terms and conditions," noted Advanced Chairman Khalifa Al-Mulkem Source: Weekly "PetroChemical News", Durham, NC, USA; 9 Feb 2015
(Syed Rashid Ali, Karachi, Pakistan)

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