The Jubail and Yanbu Industrial Cities Company (JYIC) has taken a stake in the Jubail Chemical Storage and Services Company (Chemtank), after signing a deal with Chemtank’s joint venture partners SABIC and Vopak.
According to Arab News, JYIC, which is a part of the Royal Commission for Jubail and Yanbu (RCJY), now has a 20% share in the joint venture. It is hoped that the agreement will strengthen strategic integration between the three partners allowing the scale-up of collaboration between local and international organisations. SABIC confirmed the new partnership with JYIC on its Twitter account but did not reveal the details.
The newly built Chemtank terminal in the King Fahd Industrial Port in Al-Jubail on Saudi Arabia’s Persian Gulf coast, has 71 tanks with a total capacity of 568,000 m3. It serves one of the largest petrochemical complexes in the world and can import and export products via ship, truck, rail and pipeline.
Arab News quotes Abdullah Al-Saadan, president of the Royal Commission for Jubail and Yanbu, as saying that the that JYIC will enable the commission to make optimal use of its assets and achieve sustainability and efficiency, adding: ‘It invests in the development of the industrial investor logistical services sector, which plays an active logistical role in serving industries, especially petrochemicals. This will help create an attractive environment and enhance the capabilities of the business sector.’
‘The entry of JYIC cements a partnership in which the Royal Commission, SABIC and Vopak have jointly collaborated over the past 20 years to create a world-class supply chain infrastructure in Jubail and Yanbu. This sets a great platform to deliver further growth and efficiency in the Kingdom,’ says Eelco Hoekstra, CEO of Vopak.