HBG Petrochemical Holdings, Mackeen Age Investment Holding Company and Ravago formalize a project
HBG Petrochemical Holdings (HPHL), a leading Gulf based downstream petrochemical investment firm, Mackeen Age Investment Holdings Company of Saudi Arabia (Mackeen) and Ravago have announced the formation of a closed joint stock company; called Ravago Middle East Company. This joint stock company will establish a polymer/elastomer reprocessing and compounding project in Al-Jubail, Saudi Arabia.
Commenting on the deal, Theo Roussis, CEO-President of Ravago said, “We are convinced that Middle East is one of the growth areas of our business and Saudi Arabia comes at the top place to invest in due to its attractive and conducive business environment. I know the HPHL and Mackeen teams well for a long time and given their knowledge and experience of the petrochemical industry both globally and regionally, that they will bring the requisite value added to the partnership”.
Abdullah Nojaidi, Chairman of HPHL, and Managing Director of Mackeen, said “ We are very pleased to establish this relationship with Ravago since it provides us with a solid and experienced plastic/rubber processor as a strategic partner in the Kingdom of Saudi Arabia. This project will strengthen the already existing good commercial relationship between Saudi Arabia and Europe”.
Commenting on the occasion, Arshad Hydari, Managing Director of HPHL expressed his satisfaction of the project and particularly of Ravago’s strength and commitment to green environment by producing eco-friendly polymers and recycling services for customers based on local raw materials.
The Partnership is seen to be complementary and all Parties are extremely bullish that future growth in the chemical processing sector in the Kingdom will be significant and will create meaningful value adding opportunities. Such partnership complies and reinforces the Kingdom’s drive toward moving to the downstream petrochemical industries based on locally available raw materials and creating local employment.