Saudi Arabian Mining Company (Maaden) has awarded three contracts worth 3.5 billion Saudi riyals ($922 million) to construct its third phosphate fertiliser manufacturing project.

The company awarded a general construction works contract at Ras Al Khair to a China National Chemical Engineering Company branch for $325 million.

Another general construction works contract worth $363 million at Wa’ad Al Shamal was bagged by a unit of Sinopec Nanjing Engineering & Construction, Maaden said in a statement to the Saudi stock exchange on Thursday.

The third general construction works contract at Wa’ad Al Shamal was awarded to Turkey’s Tekfen Construction and Installation Company for $234 million.

In November 2016, Maaden announced plans for its third project to manufacture phosphate fertilizers, which was expected to add 3 million tonnes per year of production capacity. 

The total costs were estimated at SAR 24 billion at that time, with the full capacity planned to be reached in 2024, the 2016 statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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