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Zurich, Switzerland, September 30, 1997 - <B>ABB</B>, the international engineering company, has been awarded a contract to build a new ethylene production plant as part of a major expansion of the Yanpet Petrochemical Complex, located in Yanbu, Kingdom of Saudi Arabia. The value of the lump sum turnkey contract is approximately US$ 500 million. It was placed by Saudi Yanbu Petrochemical Company which is a joint venture between Saudi Basic Industries Corporation (SABIC) and Mobil Yanbu Petrochemical Company Inc. The new plant will use ethylene production technology developed by <B>ABB Lummus Global</B> and have an output of 800,000 metric tons per year, doubling the capacity of the existing facilities. The additional ethylene output will be used to increase production of derivative products such as polyethylene and ethylene glycol. As a result of the flexibility provided by the new plant to crack multiple feedstocks, Yanpet will also be able to produce polypropylene for the first time. Engineering for the new plant has commenced and construction work is scheduled to start later this year, with completion planned for late 1999.
<B>ABB</B> will provide the process technology and licences, basic and detailed engineering, supply of all equipment and material, and will be responsible for the construction and commissioning of the plant.
<B>ABB's</B> oil, gas and petrochemical business employs approximately 10,000 people worldwide with orders in 1996 of US$ 2.6 billion. This business forms part of ABB's Industrial and Building Systems Segment which employs 95,000 people worldwide with orders in 1996 of US$ 17 billion. The <B>ABB Group</B> employs 216,000 people worldwide with orders in 1996 of US$ 36 billion. <BR>
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