KHOBAR, Saudi Arabia, July 10 (Source: Reuters) – Saudi Basic Industries Corp (SABIC) has awarded Spanish firm Intecsa Industrial a $387 million contract to design and build a new 50,000 tone-per-year polyacetal plant, SABIC.

Intecsa Industrial will start engineering in August and the project for SABIC`s National Methanol Co. is due to be completed in the first quarter of 2016, the chemicals company said in a statement.

National Methanol, better known as Ibn Sina, is 50-percent owned by SABIC, one of the world`s largest chemical companies, while Celanese Corp and an affiliate of Duke Energy Corp each have a 25 percent stake.

China National Chemical Engineering Co (CNCEC), Taiwan`s CTCI and South Korea`s Hanwha Engineering had also bid for the contract.

SABIC said in 2010 that the new facility, producing a plastic mainly used in the car industry, would require capital investment of nearly $400 million. (Reporting by Reem Shamseddine; editing by Tom Pfeiffer)