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Sipchem and Korea's Hanwha to establish a polymers plant in Saudi Arabia

April 29/2011

(Arabian Oil and Gas) -- Saudi International Petrochemical Company (Sipchem) signed a partnership agreement with Korea's Hanwha Chemical Corporation to establish a polymers plant in Saudi Arabia, Sipchem said in a statement. Sipchem said that the plant will be established in Jubail industrial city on the eastern coast of Saudi Arabia, at an estimated cost of USD 60 mln.

The project is slated for production during the second quarter of 2013, as part of the Sipchem's third expansion project. We will create a 50/50 company to market the product in the Middle East and Europe, the statement read.

Feedstock for the project will be mainly low density polyethylene and Ethylene Vinyl Acetate (EVA), which will be provided by International Polymers Company (IPC), one of Sipchems affiliates.

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