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27.02.2011 - Al Khobar, Kingdom of Saudi Arabia
Polysilicon Technology Company (PTC) announced today that it has signed a US$378 million Lump Sum Turn Key Engineering, Procurement and Construction (LSTK EPC) contract for Phase 1 of its Polysilicon Plant with Hyundai Engineering Company and KCC Engineering and Construction Corporation.

The plant will be located in Al Jubail Industrial City 2, Saudi Arabia, and will have an initial production capacity of 3,350 metric tonnes of Solar Grade Polysilicon. PTC has selected the most innovative and competitive technology allowing it to produce high purity polysilicon (+ 9ns). Polysilicon is the main raw material used in the solar industry which is then converted into ingot, wafers and then into solar cells that are put into panels in order to generate electricity from the sun.

Polysilicon Technology Company is a 50:50 joint venture between Mutajadedah Energy Company (MEC) of Saudi and KCC Corporation of Korea (KCC). KCC is a leading construction and fine chemicals company and a global producer of polysilicon. MEC is a local Saudi Company owned by Swicorp Joussour Company (SJC) and Chemical Development Company (CDC) incorporated to invest across the solar energy value chain in Saudi Arabia.

Walid Al-Shoaibi, Chairman of MEC said, “KCC are a very strong partner with tremendous technical and R&D capabilities and have great interests in investing in the Kingdom. We are very fortunate to have them as our joint venture partner. They have existing polysilicon plants operating in Korea which will allow them to add significant value to the execution and operation of the project ensuring its success and timely start up,”,

Faysal Hamza, Executive Director of MEC said, “Alternative energy is a new area of interest in the Middle East, which has gained recent attention due to the pressing need for economies to look towards diversified energy sources for future generations. Harnessing diversified sources of energy is critical to the development of tomorrow’s economies. We are proud to be involved in launching, with our partners, the first plant of its kind, creating a nucleus for the solar industry in the Kingdom of Saudi Arabia”.

Mr. Mong IK Chung, President & CEO of KCC said, “Saudi Arabia is one of the major countries in the region. Its location and infrastructure advantages makes it unique for KCC global expansions and investments. We are very excited about this venture and look forward to its success. We will provide all help and support needed to make it one of the most competitive projects in the world.”

“Over the past few years, the solar industry has gone through major consolidation and optimization which has led to a huge reduction in costs allowing the industry to see continued growth bringing it closer to grid parity with conventional sources of power. The Polysilicon Project in Jubail is only our first step. PTC intends to expand the plant to an annual capacity of 12,000 metric tonnes as well as continue further downstream into the manufacturing of Ingot and Wafers” added Mr. Ibrahim Al-Humaidan, Executive Director & CEO of PTC.

PTC

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