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Basic Chemical Industries Co. announces signing a Memorandum of Understanding with AECI Limited Co. to Establish a Joint Venture in Saudi Arabia
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BCI
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1446/11/10 08/05/2025 08:00:27
| Element List | Explanation |
|---|---|
| Introduction | Basic Chemical Industries Company (BCI) announces the signing of a Memorandum of Understanding with AECI Limited, a Johannesburg Stock Exchange-listed South African company and a global leader in the manufacturing of chemicals and explosives. The MoU aims to establish a joint venture in the Kingdom to localize the development and manufacturing of specialized chemicals used in water treatment and mining, in alignment with Vision 2030 and the National Industrial Strategy. |
| Memorandum Signing Date | 2025-05-07 Corresponding to 1446-11-09 |
| Counterparty | AECI Limited Co. |
| Memorandum Subject | The MoU outlines a strategic partnership to localize the production of flocculation, coagulation, flotation, coatings, and additive chemicals. These products will be used in oil and mining operations, product enhancement, and industrial wastewater treatment. The planned production facilities will be located adjacent to BCI’s existing Chlor-Alkali plant in Jubail Industrial City, leveraging some of its outputs as feedstocks. |
| Memorandum Duration | The MoU is valid for six (6) months from the signing date and may be extended by mutual agreement. |
| Related Parties | None |
| Financial Impact | The joint venture is expected to contribute to BCI’s business growth in the medium to long term by diversifying its product portfolio and strengthening its value chain. The initiative also aligns with Saudi Arabia’s Vision 2030 goals to localize manufacturing and boost private sector participation in industrial development. Any material financial impact will be disclosed once final agreements are reached or as further significant developments occur. |
| Additional Information | The signing of this Memorandum of Understanding comes with the support and sponsorship of the National Center for Industrial Development, as part of its efforts to develop high-value opportunities that enhance the localization of chemical content. The signing took place in the presence of His Excellency the Deputy Minister for Industrial Affairs, Eng. Khalil bin Salma, and representatives from the Ministries of Industry and Investment. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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