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Sipchem & Hanwha Sign Agreement for Polymers Plant

Source: www.gulfoilandgas.com 4/26/2011, Location: Middle East

Saudi International Petrochemical Company (Sipchem) announced that it has signed a joint venture agreement with Hanwha Chemical Corporation to build Polymers Compounding plant to produce special resin grades to be used to manufacture Wire and Cable products. The plant will be built at Sipchem site in Jubail Industrial City, Kingdom of Saudi Arabia with an estimated cost of around SR 225 million (US$ 60 million) and expected to start production during the second quarter of the year 2013. This plant comes as a part of Sipchemís third phase expansion program.

The new Wire & Cable Polymers Compounding Company will be owned 50% by Sipchem and 50% by Hanwha Chemical. The products will be marketed by the new company in the Middle East and Europe. The major feedstock for the plant, Low Density Polyethylene (LDPE) and Ethylene Vinyl Acetate (EVA), will be sourced from the International Polymers Co. one of Sipchem affiliates. The products will be used to produce power cables insulation materials which have a wide usage in the region. The new project will be financed by the partners and other financial institutions which have not yet been determined.

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