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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.

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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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