Petrochemical Industries Company (K.S.C.)” signs Memorandum of Understanding (MOU) with Metal & Recycling Company (K.S.C. – Public)

Petrochemical Industries Company (K.S.C.)” signs Memorandum of Understanding (MOU) with Metal & Recycling Company (K.S.C. – Public)
02/08/2018 02:40 م

Petrochemical Industries Company (PIC) signed a memorandum of understanding (MoU) with Metal & Recycling Company (MRC) to build a plant for the production of polypropylene sheets and fibers in the local market.

 Mohammed Al Farhoud, PIC's Chief Executive Officer, said the company has 11 investment opportunities in the local private sector, with investments ranging from $ 20 million to $ 30 million, with a total value of $ 330 million.

 He pointed out that one of these opportunities was for the Metal & Recycling Company (MRC), to build a plant for the production of polypropylene fibers with a capacity of 5 thousand tons per year, with the potential to increase to 10 thousand tons per year.

 He explained that the company (PIC) will supply the raw materials to MRC build and operate a plant for the production of polypropylene fibers, which are used in the manufacture of bags of cement, large sand bags and bags of urea product.

 Tarek Al Mousa, Chairman of Metal & Recycling Company (MRC), said that this opportunity designated for his company aims at setting up a factory in Mina Abdullah on an area of 5-10 thousand square meters, indicating that MRC is currently conducting feasibility studies for the project.