Gulf Oil and Gas accountACCOUNT

Sipchem & SIDF Sign a Financing Agreement

Source: www.gulfoilandgas.com 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 >>

Brazil >>  4/17/2019 - Petrobras has received correspondence from Caixa Economica Federal ("Caixa") informing that it is studying the possibility of selling shares that they...
Botswana >>  4/16/2019 - Tlou Energy Limited is pleased to confirm that it has successfully completed an equity placement to Sophisticated Investors totalling BWP21.8 million ...

Egypt >>  4/16/2019 - A finance ministry report on Egypt’s new budget (2019/20) showed that fuel subsidies will be reduced by EGP 36.112 billion (40 percent) in the new fis...
Ecuador >>  4/15/2019 - The Supreme Court of the Netherlands has ruled in favor of Chevron Corporation, rejecting the Republic of Ecuador’s attempts to annul decisions of an ...

United Kingdom >>  4/15/2019 - MX Oil plc, an oil and gas investing company quoted on AIM, announces the following corporate update: ...
Australia >>  4/12/2019 - Japan Oil, Gas and Metals National Corporation (JOGMEC) announced that it will provide equity financing to INPEX Offshore Timor-Leste, Ltd. (INPEX Off...

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 |

Oil & Gas Projects in Saudi Arabia >>

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.