The agreement was been signed by Moayyed I. Al-Qurtas, SAAC chairman representing SAAC, and Patrik Wohlhauser, Evonik executive board member representing Evonik.
Mubarak A. Al-Khafrah, Tasnee chairman, says that 75 percent of the project will be owned by SAAC while Evonik will own 25 percent of the project and will provide the technology license to the project. Both parties will market the product via a marketing company that will be jointly owned by both Tasnee and Evonik.
Main feedstock will be glacial acrylic acid, which will be provided by Saudi Acrylic Monomer Company (SAMCO), SAAC's first project, which will be constructed in the same site and will start operation in the first quarter of 2013.
Evonik Stockhausen, a subsidiary of Germany-based Evonik Industries, specializes in SAP production. The super absorbent polymer is used as a basic material for the manufacture of hygienic napkins and diapers plus other uses. The plant is expected to begin production of SAP in the third quarter of 2013, with initial cost of more than SR1 billion. It will provide about 110 direct job opportunities, a number that can increase with the gradual expansion of the project.