Tanker deal between Saudi-South Korea firms

South Korea's Hyundai Mipo will be building two chemical tankers for Saudi Arabia's National Chemical Carriers, NCC.

    Saudi Arabia is leading petrochemicals producer

    The $66.7 million deal was signed on Sunday between the two firms.

    The 183-metre long tankers will each have a deadweight of 46,200 metric tonnes and a capacity for 54,300 cubic metres of liquid petrochemicals, NCC said in a statement.

    Under the deal, Hyundai Mipo is scheduled to complete the construction of the tankers in 2005.

    NCC already has 12 tankers for transporting petrochemicals with a total capacity of 350,000 tonnes.

    Like most of the tankers, the two new carriers will be chartered to petrochemicals giant, Saudi Basic Industries Corportation, SABIC, on long-term contracts.

    Saudi Arabia is a leading petrochemicals producer with several million tonnes of output every year, mostly for export.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    The War in October: What Happened in 1973?

    The War in October: What Happened in 1973?

    Al Jazeera examines three weeks of war from which both Arabs and Israelis claimed to emerge victorious.