Gulf Oil and Gas accountACCOUNT

Sipchem & SIDF Sign a Financing Agreement

Source: 5/2/2012, Location: Middle East

Saudi International Petrochemical Company (Sipchem) announced on May 01, 2012 that one of its affiliates, Sipchem Chemicals Company, has signed a SR164.8m loan facility agreement with Saudi Industrial Development Fund (SIDF) to support financing of the construction of ethyl acetate and butyl acetate plant (EA/BA) with production capacity of 100,000 metric tons per year.

The project's location is in Jubail Industrial City, Kingdom of Saudi Arabia.

The Agreement has been signed by Mr. Ali A. Al-Ayed, Director General of SIDF and Eng. Abdullah S. Al-Saadoon, Sipchem President, Operations. Sipchem Chemicals Company project is considered to be the first of its kind in the region, which is part of Sipchem's phase III expansion program.

The total cost of the project is around SR 350 million that is expected to start during the second quarter of 2013.

The project is expected to supply the local and international markets with ethyl acetate and butyl acetate used as a solvent in inks, industrial liquids and pallets used in paints ...etc.

The company has announced earlier the signing of the technology agreement with Rhodia, France.

It is worth noting that the feedstock for the production of Ethyl Acetate are Acetic Acid, which will be obtained from the International Acetyl Company (one of Sipchem Affiliates) and Ethanol, which will be imported from international markets at competitive prices.

On this occasion, Sipchem extends its gratitude and appreciation to Mr. Al-Ayed and his team for their support and professionalism for the development of industrial sector in the Kingdom.

Financials and Investment News in Saudi Arabia >>

Congo >>  5/28/2020 - Zenith Energy Ltd., the international oil & gas production company focused on African development opportunities , is pleased to announce that the TSX...
Norway >>  5/28/2020 - Siem Offshore Inc. has on 26 May 2020 entered into an agreement with the group's secured lenders in Europe and Norway for a standstill agreement for t...

Singapore >>  5/28/2020 - Tap Oil Limited has entered into commodity hedging instruments with BP Singapore Pte Limited. ...
United States >>  5/28/2020 - Pembina Pipeline Corporation has closed its previously announced offering of $500 million of senior unsecured medium-term notes (the "Offering"). The...

Trinidad and Tobago >>  5/27/2020 - Touchstone Exploration Inc. announces that its indirect wholly-owned subsidiary, Touchstone Exploration (Trinidad) Ltd., has entered into escrow arra...
United States >>  5/27/2020 - Apache Corporation has elected to list its common stock solely on the Nasdaq Stock Market beginning June 9, 2020. The company will discontinue listing...

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

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

Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

Oil & Gas Projects in Saudi Arabia >>

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.