Jacobs Engineering Group Inc. (NYSE:JEC) announced today it was awarded the second phase of InoChem’s project management consultancy (PMC) services contract to undertake, among other important activities, the development of its soda ash and calcium chloride manufacturing complex in Yanbu Industrial City, Saudi Arabia.
Under the terms of the agreement, Jacobs is providing PMC services during all phases of the project. The services are being led and closely supervised by Jacobs’ Al-Khobar office, with work being executed out of multiple locations around the world and specialist support from its offices in Shanghai, Abu Dhabi and Antwerp.
InoChem is the first manufacturer of soda ash in Saudi Arabia and the Cooperation Council for the Arab States of the Persian Gulf region, as well as the biggest manufacturer of calcium chloride in the Middle East and North Africa (MENA) region.
In making the announcement, Abdul Aziz Yahya Al-Muaiyyad, Managing Director and Chief Executive Officer of IDEA Soda Ash & Calcium Chloride Co. (ISACC), said the signing is just another important milestone in the overall development of the project progressing on time and on track. “We are delighted to continue working with Jacobs on our manufacturing complex in Yanbu Industrial City, where we are building one of the Kingdom’s strategic projects to diversify economy and reduce dependence on oil exports. Not only will the project contribute to industry developments through supplying its products to a number of downstream manufacturing projects, it will also contribute to achieving a Saudization rate of up to 75 percent of the total workforce,” he said.
Jacobs’ Group Vice President Bassim Shebaro stated, "Jacobs has been involved with the InoChem project since commencing work on the concept phase, and we are proud to have been selected to continue our work on one of the most strategic projects in the Kingdom.” He added, “Our services are being led from our Saudi operations, which further demonstrates our commitment to Saudization through the recruitment, training and development of local Saudi talent, in line with InoChem priorities.”
ISACC is a Saudi limited liability company based in Al-Khobar, Saudi Arabia. ISACC is leading the development and establishment of InoChem (Saudi joint stock company) to own, build and operate the industrial complex. The industrial complex operations are planned to commence in 2018.
Jacobs is one of the world's largest and most diverse providers of technical professional and construction services.
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2014 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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