Saudi Kayan Petrochemical Company (Kayan) [2350.SE] announced that it has awarded the engineering, procurement and construction (EPC) contract for an additional cracking furnace at its petrochemical complex in Jubail to CTCI Corporation. The total investment by Kayan in the project will be USD94.5 million (SAR354 million) and will be financed via local financial institutions, according to the announcement. The project will utilise the additional ethane allocated to Kayan by the Ministry of Petroleum and Mineral Resources and will increase the company’s ethylene capacity by 93,000 tonnes per year (tpy). The company expects the project to be completed by 2H2017. (Tadawul)