14 December 2011 14:09 [Source: ICIS news]
DUBAI (ICIS)--Saudi International Petrochemical Company (Sipchem) has acquired Swiss petrochemical trading and marketing firm Aectra through its affiliate firm Sipchem Marketing & Services Company (SMSC) for an undisclosed fee, Sipchem said on Wednesday.
The deal was concluded on the sidelines of the sixth annual GPCA (Gulf Petrochemicals & Chemicals Association) conference in Dubai on Wednesday.
“Aectra gives Sipchem immediate access to experienced and proven marketing, logistics and trading expertise in the key European market,” said SMSC chairman Ahmad Al-Ohali.
Aectra was established in 1995 and is based in Lutry, Switzerland.
Sipchem currently produces about 2.2m tonnes/year of chemicals through its five operating affiliates, the company said in a statement.
“Three more operating affiliates are underway with a combined annual capacity of 325,000 metric tonnes that will go on stream in 2013,” the firm added without elaborating further.
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