SINGAPORE (ICIS)--Advanced Petrochemical plans to develop a $580m pygas and pyoil downstream project in Jubail, Saudi Arabia, the producer said on Wednesday.

The project is expected to have about 300,000 tonnes/year of capacity, with the start-up scheduled in the first half of 2021, Advanced Petrochemical said in a filing to the Saudi Stock Exchange or Tadawul.

Its product portfolio include more than 12 specialty chemicals, including hydrocarbon resins, aromatics solvents, premium wash oils, naphthalene and other products to be produced for the first time in MENA (Middle East and North Africa), the company said.

Advanced Petrochemical signed a heads of agreement (HOA) on 14 November with Global Company for Downstream Industries (GDI) on the project, with the deal in effect for six months.

GDI is engaged in developing specialized chemicals products and other downstream industries in Saudi Arabia.

The pygas and pyoil project will be financed via 30% equity and 70% debt, Advanced Petrochemical said.