Saudi Arabia's Sipchem in Riyal 174m first half net profit
08 August 2005 12:07 [Source: ICIS news]
LONDON (CNI)--Saudi International Petrochemicals Company (Sipchem) achieved first half net profits of Riyal 174m ($46m/Euro38m), the company said in a statement on Monday.
It did not disclose comparable earnings figures for January to June last year.
The company’s total assets were Riyal 4.1bn in the first half this year compared with Riyal 2.1bn in the same period last year. Shareholders’ equity was up to Riyal 1.7bn from Riyal 732m in H1 2004. No further financial details were disclosed.
Sipchem’s methanol production totalled about 500,000 tonne during the first six months following the start-up of commercial operations of its 1m tonne/year plant at Jubail on Saudi Arabia's east coast in December last year.
A new 75,000 tonne/year butanediol (BDO) plant at Jubail is expected to come onstream during the fourth quarter this year, it said.
The company’s acetyls complex project at
The acetyls complex will include three acetic acid plants with a total capacity of 459,000 tonne/year, a 300,000 tonne/year vinyl acetate monomer (VAM) plant and a 250,000 tonne/year carbon monoxide unit. It is expected to come onstream during the first half of 2008.
The project will also include offsite utilities which include power supply, sea water cooling systems and storage facilities at King Fahd Industrial Port.
Sipchem is a Saudi joint stock company with a capital of Riyal 500m in 1999, Riyal 650m in 2003 and Riyal 1.5bn in 2005.
By: Hilde Ovrebekk
+44 20 8652 3214
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