Saudi Chevron Phillips inks deal for staff housing project

Saudi Chevron Phillips Chemical Company has signed a contract to initiate the first stage of building residential units for its employees.
Saeed Mohammed Bajooda, CEO and the representative of Saudi Chevron Phillips, signed the contract with Abdullah Mubarak Al-Musihl on behalf of his executive contracting company.
The plan is to build 99 residential units in the first stage of the project within 18 months. This project is one of the new added options offered to the employees by the housing program of the company.
The program gives four options to the employees, which are buying an already built-house, buying an under-construction-house or building a house from scratch.
The newest option offered to the employees is to buy one of the units the company is building in this residential project.
In addition, employees can choose the location of their units that is either in Industrial Jubail or 100 km away from it at any destination.
The company plans to build 200 more units in the second stage of its project. This project is an addition to all the incentives received by the Saudi employees in the company.
Saudi Chevron Phillips is implementing huge projects. It is constructing a plant for Nylon Production Company that belongs to the petrochemical manufacturing company owned by Chevron.
The construction has reached an advanced level and the volume of investment is up to SR1.8 billion. The plant is expected be operational this year.
Nama Chemicals announced as well signing a long-term loan contract with the Saudi Hollandi Bank with a value of SR125 million.
The company’s statement said the company would use this loan to finance the first stage of its project that aims to design and improve the residential units of the company’s Saudi employees in Jubail industrial city.