Saudi International Petrochemical Co (Sipchem) signed a contract with South Korea's eTEC E&C for work costing 542.6 million riyals ($144.6 million) to raise the efficiency of operations at its methanol plant in Jubail.
International Methanol Co (IMC) is 65-percent owned by Sipchem, and a group of Japanese companies hold the rest, according to the bourse filing from Sipchem on Thursday.
The project is expected to be completed in the fourth quarter of 2018.
Under the contract, eTec will be in charge of doing engineering, procurement and construction work for efficiency enhancement. Sipchem did not give further details but said this project is part of efforts to meet targets for the Saudi Energy Efficiency Center.
