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MOSCOW (MRC) -- Sahara International
Petrochemical Co.’s (Sipchem) board of directors approved, on Dec. 15, the
resignation of chief executive officer (CEO), Saleh M. Bahamdan, citing his
request for retirement, said Chemweek.
The
resignation took effect from Jan. 1, 2021, the company said in a bourse
statement. Meanwhile, the board approved the recommendation of the
remuneration and nominations committee, to appoint Abdullah S. Al-Saadoon as the
CEO of Sipchem effective from Jan. 1, 2021.
The new CEO has extensive
experience in the field of petrochemicals extending for over 30 years, where he
worked for the General Corporation for Desalination of Water and then moved to
the Saudi Basic Industries Corporation (SABIC), where he held a number of
leadership positions, Sipchem stated.
Al-Saadoon joined Sipchem in 2001,
participating in many vital projects that the company implemented during the
period of its establishment, where he held the position of head of operations
and manufacturing for all the company's plants in Jubail Industrial City, as
well as the position of Shared Services President to oversee the transformation
process carried out in several sectors, including information technology, human
resources and supply chains.
In 2019, he was appointed as operations
manager of Sipchem after merger with Sahara. This is in addition to his
membership in the board of directors of Sipchem in the last tenure and his
current chairmanship and membership in several boards of directors of Sipchem's
subsidiaries, the statement also said.
As per MRC, Sahara International
Petrochemical Co. (Sipchem) is planning to
mothball the Polybutylene Terephthalate (PBT) plant, owned by its affiliate,
Sipchem Chemical Co., and Ethylene Vinyl Acetate (EVA) Film plant that is owned
by affiliate firm, Saudi Specialized Products Co. Steps to implement the
decision are underway, Sipchem said in a statement to Tadawul, adding that the
suspension of both plants will start on Jan. 1, 2021, until further notice. The
company expects a positive financial impact starting from Q1 2021
results.
As per MRC ScanPlast, November
imports of other ethylene polymers, including ethylene-vinyl-acetate (EVA), were
9,100 tonnes, compared to 10,100 tonnes in October. Overall imports of other
ethylene polymers reached 90,200 tonnes over the stated period versus 85,200
tonnes a year earlier. |
