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FINWIRES

Naas Petrol Factory Enters Lease Deal for New Saudi Petrochemical Plant

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Naas Petrol Factory Co. (SASE:9609) agreed to lease a 25,799-square-meter industrial plot to develop a new petrochemical manufacturing facility in Al Kharj Industrial City, Saudi Arabia.

The 20-year lease agreement with the Saudi Authority for Industrial Cities and Technology Zones has an annual value of 51,598 Saudi riyals, according to a Tuesday release.

The petroleum derivatives manufacturer expects the financial impact of the project to become evident once the plant starts commercial operations.

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