In Saudi Arabia, Jazan Energy & Development Co. (JAZADCO) has announced that it has signed a joint venture (JV) agreement with Delante Trading Corp to build a biodiesel plant in the country.
According to a statement to Tadawul, the new JV will be located in King Abdullah Economic City (KAEC) and will produce 45 000 tonnes of biodiesel per annum from residues of edible oil and other raw materials.
Estimated to cost SAR 56.25 million (≈ EUR 13.7 million) the project, which will be developed in four phases, will be 43 percent owned by JAZADCO and 57 percent owned by Delante. Work will begin in the new plant in Q1/2019. The project’s first phase will be completed in Q1/2020 and commercial operations are expected to start in Q2 2020, the statement added.
JAZADCO will finance its portion in the project from own resources.