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Sipchem names new CEO

January 11/2021

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.
Author:Anna Larionova
Tags:petroleum products, PP, PE, EVA, neftegaz, petrochemistry, Sipchem.
Category:General News
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