Saudi Kayan receives four bids in plant retender

 @ibtimes on December 22 2009 1:25 PM

KHOBAR, Saudi Arabia, Dec 22 - Saudi Kayan Petrochemical Co, 2350.SE, a unit of Saudi Basic Industries Corp 2010.SE (SABIC) has received four bids in a retender to build a petrochemical plant at its complex in Jubail, industry sources said on Tuesday.

Basic Materials

South Korea's Hyundai Engineering and Construction (000720.KS), Daelim Industrial Company 00210.KS, Taiwan's CTCI and U.S. company Fluor Corp (FLR.N) bid for the 210,000 tonnes per year (tpy) plant, three sources said.

The due date for bids had been extended to Dec. 5 from Nov. 25, they added.

Kayan was holding meetings with bidders this week and next week, they said.

We suspect we are going to have to submit revised bids, we have not been officially notified...they may ask us to do so early January and we would have to revise our proposals by mid-January, one bidder said.

Two bidders said they expected an award to be made in January.

Kayan has also received final bids from Daelim and CTCI for the construction of a 300,000 tpy low density polyethylene plant (LDPE) at its complex.

Kayan said last week it expected to start operating the main units of its giant petrochemical complex in the second half of 2010.[ID:nLDE5BE046]

The complex will have an annual production capacity of 6 million tonnes of petrochemicals including ethylene, propylene and ethylene glycol from 16 plants. (Reporting by Reem Shamseddine)

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