Sadara entered into a set of agreements with Al Fozan Group

17/01/2018 10:45 AST

Sadara Basic Services Company, being indirectly owned 100% by Sadara Chemical Company (Sadara), announces that on 29/04/1439 (corresponding to 16 January 2018) Sadara entered into a set of agreements with Al Fozan Group, relating to the sale and lease back of the Sadara Solids and Liquids Handling Center, also known as the Packaging Center, located in Sadara Jubail chemical complex. These agreements were signed with Intercontinental Company for Technical Support Services Limited (ICTSS), a Saudi company owned by Al Fozan Holding Company and Madar Al-Aseel Company Limited.

The agreements govern the sale and transfer of Packaging Center assets to ICTSS and the lease back of these facilities to Sadara. The financial impact will occur during the first quarter in 2018 as the asset was sold at its book value.

The Packaging Center is Sadara primary logistics facility for its Jubail chemical complex, covering solids and liquids handling, and includes: packaging, warehousing, storage, drumming, ISO container loading and unloading, container stuffing, truck dispatch and a container marshaling yard for inbound and outbound products and certain raw materials.


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