National Petrochemical Industries Company (Natpet), 57.4 percent owned by Saudi-listed Aljuain Corporation, signed partnership agreement with Britain’s Low & Bonar PLC to build a geotextile plant in Yanbu, with an investment of SAR 160 million.

The plant will be 50-50 owned by the partners, and 40 percent of its total investments will be financed by internal resources and the rest by credit facilities from Saudi Industrial Development Fund (SIDF) and local banks, the company said in a filing on Tadawul.

The plant will produce 17,300 tonnes of staple fibers and 9600 tonnes of geotextiles annually.

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