PTC, owned jointly by Saudi Mutajadedah Energy Company and South Korean industrial giant KCC Corporation, will build the plant on the Gulf coast at Jubail.
A consortium comprising KCC’s engineering and construction division and Hyundai Engineering will build the factory with an initial annual production capacity of 3,350 metric tonnes (MT).
However, PTC says it will spend at least $1.2bn by 2017 ramping capacity to 12,000 metric tonnes.
PTC,
