15 December 2010 07:56 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi International Petrochemical Co (Sipchem) said on Wednesday its affiliate, the International Polymers Company (IPC), has awarded GS Engineering & Construction of South Korea a contract to build a chemicals facility in Jubail.
The new plant was expected to produce ethylene vinyl acetate (EVA) and low density polyethylene (LDPE) with an annual production capacity of 200,000 tonnes/year, Sipchem said in a statement. The project was worth around Saudi riyal (SR) 3bn ($800m), it said.
The project was expected to generate 200 jobs, with plant operations scheduled to start in the second quarter of 2013, it said.
“The [Saudi Arabia] Ministry of Petroleum and Minerals has already allocated the main feedstock for the project [ethane gas], which will be cracked and treated to ethylene by one of SABIC companies and vinyl acetate monomer, as a secondary feedstock shall be supplied by the International Vinyl Company, a Sipchem affiliate,” Sipchem said.
IPC is 75% owned by SipChem, with the remaining 25% held by ?xml:namespace>
The joint owners of IPC were expected to jointly market the plant’s polymer products worldwide, Sipchem said in the statement.
($1 = SR3.75)
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