Sonatrach on 11 June signed a contract with a consortium grouping the UK’s Petrofac and China’s Huanqiu to build the 550,000 t/y STEP Polymers polypropylene plant at Arzew, firming up a $1.5bn EPC deal agreed last month (MEES, 19 May).
Banque Nationale d’Algérie will lead a consortium of Algerian state-owned banks in financing 70% of project costs, with Sonatrach stumping up the remaining 30% from its balance sheet. (CONTINUED - 125 WORDS)