Petrotahlil - SABIC and Vopak Holding Terminals has signed a partnership agreement with Jubail and Yanbu Industrial Cities Co (JYIC) to become a 20% stake partner in Jubail Chemical Storage and Services Company (Chemtank), a joint statement said on Monday.
JYIC is owned by the Royal Commission for Jubail and Yanbu, an autonomous organization of the Saudi Arabian Government.
Under the new agreement and subject to obtaining all required regulatory approvals, JYIC will own 20% of Chemtank shares, while SABIC and Vopak Holding Terminals will hold 58% and 22% of the remainder, respectively.
Financial details of the transaction were not disclosed.
Chemtank operates a 568,000cbm tank terminal at the King Fahd Industrial Port in Al-Jubail, Saudi Arabia.
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