Saudi Ma'aden says hires Korea's Daelim to build 3.35 billion riyal ammonia plant

DUBAI (Reuters) - State-run Saudi Arabian Mining Company (Ma'aden) plans to build a third ammonia plant in at a cost of about 3.35 billion Saudi riyals ($893 million), according to a bourse statement on Monday.

Ma'aden said it signed a contract with South Korea's Daelim Industrial and its Saudi unit for the engineering, procurement and construction of the plant in Ras al-Khair, on the kingdom's Gulf coast. Works will take over 38 months, the statement said.

The ammonia plant is one among multiple plants Ma'aden plans to develop to for a third phosphate complex that is estimated to cost 24 billion riyals, Ma'aden added.

 

($1 = 3.7518 riyals)

(Reporting by Hadeel Al Sayegh)