Riyadh (Saudi Arabia): Saudi Arabia has launched a major project to convert plastic waste into petrol and other fuels, following the signing of investment agreements worth $5 billion between investors from Saudi Arabia, South Korea, and Pakistan.
As part of the initiative, a cooperation agreement has been signed between Saudi construction company Tamyeez Al Shafaf Contracting Company and South Korea’s AKS Information Co., Ltd. Under the agreement, a state-of-the-art factory will be established in the Al-Janar area of Dammam at a cost of $3 billion, utilizing advanced Korean technology to convert plastic waste into petrol and other energy products.
Additional agreements have raised the total investment value of the project to $5 billion, with the participation of Saudi industrial firm Miqyas Industrial Company. Project organizers stated that the initiative will play a key role in reducing environmental pollution, promoting industrial growth, and creating new employment opportunities.
The agreements were signed during an MoU signing ceremony, attended by Naif Al-Shammari on behalf of Saudi Arabia, prominent Pakistani businessman Muhammad Usman Molvi, and South Korean representatives Mr. EO Keying In and Tariq Malik.
Project officials confirmed that the initiative aligns with the objectives of Saudi Vision 2030, and implementation work will begin in the near future.
