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)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|