Jazan Energy and Development Co. (JAZADCO) has signed a joint venture agreement with Delante Trading Corp to build a biodiesel plant at a SAR 56.25 million in capital, the company said in a statement to Tadawul.
Work will begin in the new plant in Q1 2019. The project’s first phase will be completed in Q1 2020 and commercial operations are expected to start in Q2 2020, the statement added.
The new JV will be located in King Abdullah Economic City (KAEC) and will produce 45,000 metric tons of biodiesel from residues of edible oil and other raw materials.
The project, which will be developed in four phases, will be 43 percent owned by JAZADCO and 57 percent owned by Delante.
JAZADCO will finance its portion in the project from own resources.
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