Sipchem extends terms sheet with Linde until December-end

Sahara International Petrochemical Co. (Sipchem) said that the negotiations with the German chemical firm, Linde Plc, to set up and operate a production facility in Saudi Arabia to supply industrial gases are at the final stage before signing of a partnership agreement.

Both parties agreed to extend the terms sheet until Dec. 31, 2020, Sipchem said in a bourse statement on Thursday.

The statement further explained that the date was extended to complete the ongoing negotiations of the final partnership agreements, as well as reaching the final stages of the confirmatory due diligence by both parties.

According to data compiled by Argaam, Sipchem signed in December 2019 a memorandum of understanding (MoU) with Linde Plc to meet growing demand from the refining and chemical industries, as well as to develop the new production facilities to supply industrial gases in Saudi Arabia.