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Sipchem chairman Abdulaziz Al-Zamil dies

October 08/2019

MOSCOW (MRC) -- Eng Abdulaziz Al-Zamil, chairman and non-executive member of Sahara International Petrochemical Company (Sipchem) and chairman of Zamil Group Holding Company, passed away on 6 October 2019, ConstructionWeek reported.

Sipchem is listed on the Saudi exchange, Tadawul. In a filing to Tadawul, Sipchem said that "updates on the appointment of a new chairman will be announced later."

Zamil Group was founded almost 95 years ago by Abdulaziz Al-Zamil's father, Abdullah Al-Hamad Al Zamil. The company's board comprises 12 Al-Zamil brothers, according to the company website. Zamil Group operates in the construction, chemicals, marine & offshore, and real estate sectors, among others.

Sipchem, originally named the Saudi International Petrochemical Company, was founded in 1999 by Zamil Group. In 2006, Zamil Group founded Sahara Petrochemical Company, which merged with Sipchem in May 2019.

As MRC wrote before, in early April 2019, Sahara Petrochemicals announced that its current CEO, Salah Mohammed Bahmdan, will head up the new group that will be formed from its merger with Saudi International Petrochemical (Sipchem). The companies disclosed last December that they had agreed to a merger of equals in a move they estimate to yield synergies of up to 225 million Saudi riyal, or USD60 million, by the end of the third year after completion.

We also remind that on July 26, 2014, Sipchem commenced trial runs at a new ethylene vinyl acetate (EVA)/low density polyethylene (LDPE) swing plant in Saudi Arabia. Located in Jubail, the plant has a production capacity of 200,000 mt/year.

According to MRC's DataScope report, July EVA imports to Russia increased by 4% year on year to 3,490 tonnes from 3,350 tonnes in July 2018, and overall imports of this grade of ethylene copolymer into the Russian Federation decreased in January-July 2019 by 14, 3% year on year to 22,440 tonnes (26,170 tonnes in the first seven months of 2018).

Established in 1999, Saudi International Petrochemical Company (Sipchem) manufactures and markets methanol, butanediol, tetrahydrofuran, acetic acid, acetic anhydride, vinyl acetate monomer. Besides, it launched several down-stream projects to manufacture ethylene vinyl acetate, low density polyethylene, ethyl acetate, butyl acetate, cross linkable polyethylene, and semi conductive compound in 2013.
Author:Margaret Volkova
Tags:PE, EVA, LDPE, petrochemistry, Sahara Petrochemical, Sipchem, Saudi Arabia.
Category:General News
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