Sipchem completes acquisition of National Power’s shares in its affiliate

Saudi International Petrochemical Co. (Sipchem) acquired National Power Company's 25 percent stake in International Gases Company (IGC), an affiliate of Sipchem, the Saudi petrochemicals producer said in a bourse filing on Tuesday.

Sipchem now owns 97 percent of IGC, which is considered the world’s largest producer of carbon monoxide (CO) and hydrogen, the statement said.

The relevant financial impact will appear on earnings of Q4 2018, it added.

In July 2018, Sipchem had signed an agreement to acquire National Power Company's 25 percent stake in IGC.