Ma'aden's business units will operate through separate subsidiaries to facilitate strategic partnerships and each will have its own Board and management.
Through existing agreements SABIC and Alcoa will each provide the benefit of their world class technical, and operational experience giving input and know-how in the engineering design phases of the Phosphate and Aluminium projects and during the project execution and operational phases of the projects. The partners will also provide expertise with respect to the sale and marketing of Ma'aden's products reflected in off take agreements and flexible marketing arrangements that enable Ma'aden to develop its own marketing resources over time.
PARTNER COMPANIES
SABIC: is the Saudi Basic Industries Corporation, one of the world’s largest petrochemical companies. It manufactures and sells basic chemicals, intermediates (including industrial gases), polymers (including polyolefins, PVC and polyester), fertilizers and metals.
Alcoa: is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers.
Ma'aden entered into the Phosphate Project Shareholders' Agreement on 15 September 2007 ("Phosphate JVA") in respect of the Phosphate Project with SABIC. Under the terms of the JVA the parties will establish a joint venture vehicle which will be 70 per cent owned by Ma'aden and 30 per cent owned by SABIC. Each joint venture partner will contribute equity pro rata to its project interest.
Alcoa is a 40% joint venture partner in the Aluminium project following an agreement signed in December 2009. |
