Sipchem eyes overseas expansions, says CEO

Saudi International Petrochemical Co. (Sipchem) is mulling expansion outside the kingdom by setting up new projects with partners in Asia, Europe or America or through acquisition of companies, wholly or partly, Sipchem CEO Ahmad al-Ohali said in an interview with CNBC Arabiya.

He added that the company has been undertaking a new project every 18 months.

Regarding the proposed merger with Sahara Petrochemicals which is currently on hold, Al-Ohali said he hoped the pause in the negotiations was temporary.

Sipchem said last year that talks and the due diligence process, which started in December 2013 with the two firms signing a memorandum of understanding, had stopped due to the lack of structure under the regulatory framework that would be acceptable for both parties.