Sharia-Structured Instrument Ijarah (manufacturing and processing service) + Musharakah (revenue participation in manufactured goods). These are two independent transactions — never combined, netted, or described as components of a single return. Formal Sharia Board review recommended prior to CSA execution.
$165M Carbotura FDI
3 Modules
Zero Authority capital
obligation
141 Direct FTE
Nitaqat-labeled, ESTIMATED
105,000 tpy toward
MWAN 2035
~399,675 tCO₂e/yr
SGI contribution
9 Material Streams
incl. YANSAB unique

Zero Authority Capital

Without ACM

  • 9 streams generating ongoing disposal cost
  • 400 TPD at SAR 290/ton blended = ~SAR 41.2M/yr disposal spend
  • No manufactured output, no V₂O₅, no carbon products
  • MWAN compliance gap — disposal cost escalates annually

With ACM (Option A)

  • Zero capital deployment — $165M Carbotura capital only
  • Processing Service (Ijarah) — Year 1 outflow
  • Revenue Share (Musharakah) commences Month 14 — net surplus from Year 2 onward
  • 105,000 tpy MWAN diversion credit
  • 141 direct in-Kingdom jobs

Processing Service Fee and Manufactured Goods Revenue Share are independent transactions. Year 1 net position is pre-royalty. Year 2+ Revenue Share exceeds Processing Service Fee.

MWAN 2035 Mandate Contribution

85% Industrial Diversion by 2035 — 800+ Facilities Required Nationally

Saudi Arabia's National Center for Waste Management (MWAN) requires 85% diversion from landfill across all industrial waste by 2035. Yanbu Phase Initial (3 modules) contributes 105,000 tpy — 262.5× GEMS national capacity — toward this mandate.

PhaseModulesTPDMWAN tpyCumulative MWAN
Phase Initial3300105,000105,000
Phase Medium6600210,000315,000
Phase Expanded9900315,000630,000

All ESTIMATED. Phase Medium and Phase Expanded subject to separate CSA elections and site confirmation.

YANSAB–SABIC Circular Loop — Unique to Yanbu

The Only Closed-Loop Polymer Circular Economy in Saudi Arabia

YANSAB (Yanbu National Petrochemical Company, SABIC-majority JV) produces HDPE, LLDPE, and polypropylene. Production generates polymer waste and off-spec rejects — 80 TPD — currently with no circular processor in any KSA region. ACM converts this waste into Carbon Black, Graphite, Carbon Fiber Precursor, and Aromatics. SABIC downstream buys the output.

  • SABIC eliminates polymer waste disposal cost for its Yanbu production affiliate
  • SABIC receives IKTVA National Content credit for domestic procurement
  • YANSAB waste becomes SABIC supply chain input — same corporate group, no import dependency
  • Carbon Fiber Precursor (RC4) from polymer waste — highest unit value output from this stream
  • No equivalent circular loop exists at any other KSA industrial city — Yanbu is the only site with YANSAB polymer scale

Critical Minerals — Petcoke Ash

⚠ No REE Suite at Yanbu Phase Initial

No WtE ash stream. REE (Ce/La/Nd/Y/Li/Co) absent. Critical minerals pathway is V₂O₅, Nickel, Gallium, and Molybdenum from YASREF/SAMREF petcoke ash only.

V
Vanadium V₂O₅
WARN-08
YASREF/SAMREF petcoke
Ni
Nickel
RC2–RC3
~35 tpy · battery materials
Ga
Gallium
RC4
~2.4 tpy · semiconductors
Mo
Molybdenum
RC3
~8 tpy · refinery catalysts

All volumes ESTIMATED. V₂O₅ pending engineering confirmation of YASREF and SAMREF petcoke configuration (WARN-08). Saudi Arabia imports 100% of V₂O₅ and ~95% of Gallium.

IKTVA Alignment

IKTVA BenefitDescriptionPrimary Beneficiary
In-Kingdom manufacturing ACM operating in RCJY Yanbu IC territory qualifies as Saudi-based manufacturer for IKTVA scoring purposes SABIC, Aramco, Ma'aden — procurement scoring
YANSAB loop scoring SABIC receives IKTVA National Content credit for sourcing Carbon Black and Graphite from ACM — domestic circular processor SABIC / Aramco (SABIC parent)
V₂O₅ domestic sourcing Aramco receives IKTVA credit for domestic V₂O₅ procurement for VRFB supply chain — no domestic incumbent Saudi Aramco
IKTVA proxy (employment) 62% IKTVA proxy ESTIMATED — 141 direct FTE in-Kingdom, Saudization-compliant target RCJY / HRSD

IKTVA premium is additive to base product economics. Base product economics hold at export reference prices without IKTVA premium.

Vision 2030 Alignment

Saudi Green Initiative (SGI)

~399,675 tCO₂e/yr avoided from 3-module deployment. SGI 278M tCO₂e national target contribution. ESTIMATED

NIDLP — Industrial Diversification

$165M Carbotura FDI into Yanbu IC advanced manufacturing. Carbon Black, Graphite, and Carbon Fiber produced in-Kingdom from waste streams.

Renewable Energy Storage

V₂O₅ from YASREF/SAMREF petcoke ash → Aramco VRFB supply chain → 110 GW Saudi renewable storage program. WARN-08

Petrochemical Circular Economy

YANSAB polymer waste → Carbon Fiber and Graphite. Saudi Arabia's first closed-loop polymer circular economy from existing SABIC/YANSAB infrastructure.

RCJY Phase II Development

45,000–75,000 m² ACM footprint in RCJY Yanbu IC Phase II. Advanced manufacturing anchor for Phase II land.

MWAN Compliance

105,000 tpy from Phase Initial. Addresses MWAN 2035 85% diversion mandate — 800+ facilities required nationally.

Employment Creation ESTIMATED — Nitaqat-labeled

All FTE figures ESTIMATED. Subject to Nitaqat compliance and HRSD Saudization determination at Feasibility Study.

141 Direct FTE (in-Kingdom)
423 Indirect FTE (supply chain)
564 Total FTE Impact
62% IKTVA proxy — National Content
PhaseDirect FTEIndirectTotal
Phase Initial (3 modules)141423564
Phase Medium (6 modules)2828461,128
Phase Expanded (9 modules)4231,2691,692

All phases ESTIMATED. Subject to Nitaqat compliance — HRSD Saudization tier confirmed at Feasibility Study.

Environmental Impact

~399,675 tCO₂e/yr
Carbon avoidance — SGI contribution ESTIMATED
105,000 tpy
Diverted from landfill — Phase Initial
~100%
Phase Initial volume diverted (vs ~10% State A)
9 streams
All converted to RC1–RC4 manufactured output, incl. YANSAB unique

SIRC Subsidiary Portfolio Completion — Yanbu

Carbotura processes the residual output of each SIRC subsidiary present at Yanbu Industrial City:

SIRC Subsidiary / Operator Primary Activity Current Residual Carbotura Processes Access
Yadoum Yanbu MSW → RDF for cement Non-RDF-grade fluff and rejects MSW residuals 40 TPD IMMEDIATE
Akam Yanbu C&D → aggregate Light fraction / C&D fluff C&D fluff 50 TPD IMMEDIATE
ELECTA Yanbu EoL vehicles → metals Automotive Shredder Residue (ASR) ASR 20 TPD IMMEDIATE
GEMS Yanbu Industrial hazardous mgmt Industrial sludge Wastewater sludge 40 TPD CONDITIONAL
YANSAB (SABIC JV) HDPE / LLDPE / PP production Polymer waste, off-spec rejects Polymer waste 80 TPD — UNIQUE IMMEDIATE
YASREF / SAMREF 400K bpd refining High-vanadium petcoke ash Petcoke ash 60 TPD CONDITIONAL

Carbotura processes what SIRC's network cannot sell. Every ton leaving YANSAB, Yadoum, Akam, and ELECTA as residual becomes RC3+ manufactured output through ACM.

Deployment Timeline

Q3 2026 · Sha'ban 1447 AH
Authorisation Deadline
Feasibility Study authorised. Preserves Q2 2027 T0.
Q2 2027 · Dhul-Qa'dah 1448 AH
T0 — CSA Execution
Construction begins on 3 modules. ESTIMATED
Q4 2029 · Jumada II 1451 AH
Phase Initial COD
3 modules operational. 300 TPD live. 141 FTE. ESTIMATED
Q1 2031 · Muharram 1453 AH
First Revenue Share
13 months post-COD. Independent transaction. DERIVED
Q2 2031 · Rabi' I 1453 AH
Phase Medium COD (6 modules)
600 TPD. 282 direct FTE. ESTIMATED
Q4 2032 · Dhul-Hijjah 1454 AH
Phase Expanded COD (9 modules)
900 TPD. 423 direct FTE. ESTIMATED

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