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Sipchem Signed a Loan Agreement with SIDF

Source: www.gulfoilandgas.com 11/19/2011, Location: Middle East

Saudi International Petrochemical Company (Sipchem) announced that its affiliate the International Polymers Company (IPC) has signed with Saudi Industrial Development Fund (SIDF) a SR 600 million loan facility Agreement. The Agreement has been signed by Mr. Ali A. Al-Ayed, Director General of SIDF and Eng. Abdullah S. Al-Saadoon, Sipchem President, Operations. The purpose of this loan facility is to support the financing of the construction of EVA/LDPE plant. This plant will produce Ethylene Vinyl Acetate (EVA) and Low Density Polyethylene (LDPE) with an annual production capacity of 200 thousand metric tons in its industrial complex in Jubail Industrial City. Ethylene Vinyl Acetate (EVA) is used as a feedstock in the production of heat soluble adhesives, resin products and high-quality sports bandages; Low Density Polyethylene (LDPE) is used as a feedstock in the production of various types of containers, bottles and medical detergents.

On this occasion Eng. Al-Saadoon stated that we are grateful to SIDF for their continuous support to all Sipchem projects and in particular to the Polymers project, and to their support to the industry of Kingdom of Saudi Arabia. He added that the International Polymers Company has been founded in the year 2009, where as Sipchem owns 75% of its shares and Hanwa Chemical owns 25%. This plant will be the first of its kind in the region to produce Ethylene Vinyl Acetate.

Sipchem has announced on December 15, 2010 that the Engineering Design, Procurement and Construction (LSTK) contract for this plant was awarded to G.S. Engineering & Construction Corporation- Korea. The cost of the project is estimated at 3 billion Saudi Riyals and is expected to create 200 direct job opportunities. The start up of the plant is scheduled in the second quarter of the year 2013.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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