Sipchem, Korea’s Hanwha sign an agreement to start SAR 225 million polymers plant

26/04/2011 Argaam

Saudi International Petrochemical Co. (Sipchem) signed an agreement with Korea’s Hanwha Chemical on April 26, 2011 to start building in the 2nd quarter of 2013 a SAR 225 million polymers plant in Jubail Industrial City, Sipchem said in a statement to the Saudi bourse, Tadawul.

 

A new limited liability 50-50 owned company will be installed to market the new products in the Middl East and Europe. The project will be financed by partners and other institutions, the company added, without naming the institutions.

 

Materials used in the production including, ethylene vinyl acetate (EVA) and low density polyethylene (LDPE) will be obtained from Sipchem’s affiliate, International Polymers Co. (IPC)

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