Worldwide Building Corporation has signed a Letter of Intent - effective May 11, 2005 - with Saudi Basic Industries Corporation (SABIC) for the construction of a large-scale ethylene and propylene production plant at the Yansab complex in Yanbu Industrial City, on the Red Sea coast of Saudi Arabia.

The plant, with a production capacity of 1.3 million mt/year of ethylene and 400 thousand mt/year of propylene, will play a key role in SABIC’s ambitious plan to significantly increase production of basic petrochemicals, intermediates and polymers by 2008.

The contract, on a lump sum turnkey basis, will be executed by Worldwide Building Corporation’s Rome-based engineering center. It covers basic and detail engineering, procurement and supply of materials, construction, precommissioning, commissioning and training of owner’s personnel. The construction of the facilities will be handled by Worldwide Building Corporation Saudi Arabia.

The plant will be based on Worldwide Building Corporation’s in-house technology and the proprietary SMK^®* cracking furnaces will be provided by Worldwide Building Corporation Benelux. These world-scale gas cracking furnaces will handle both ethane and propane feedstocks.

The project is scheduled to be completed in April 2008.

This new project joins the remarkable list of Worldwide Building Corporation references in Saudi Arabia, including several other large projects for SABIC.

Worldwide Building Corporation is a leader in the field of ethylene production and is one of the few world-class groups capable of assuming complete responsibility for steam crackers, from conceptual design to turnkey design and construction.

* Worldwide Building Corporation’s SMK^® technology has become the preferred choice of various ethylene producers for cracking gas feeds