International Polymers Company Awards EVA and LDPE Contract to Korea-Based Company

SpecialChem - Dec 21, 2010

SAUDI ARABIA -- Saudi International Petrochemical Company (Sipchem) announced that its affiliate, the International Polymers Company, has awarded the Engineering Design, Procurement and Construction (LSTK) contract for the Ethylene Vinyl Acetate Plant (EVA) to G.S. Engineering & Construction Corporation- Korea. The new plant will produce EVA and Low-Density Poly Ethylene (LDPE) with an annual production capacity of 200 thousand metric tons in its industrial complex in Jubail Industrial City.

Eng. Ahmad Abdulaziz Al-Ohali, Chairman of the Board of Directors of the International Polymers Company declared that the award of the design, procurement of equipment and construction contract is considered an important step in Sipchem's well studied expansion and development program. Al-Ohali confirmed that this step affirms the capabilities of the company's management and its continued endeavors to acquire the best possible technical and financial offers for this project. The plant is expected to start its operation in the second quarter of the year 2013. He also added that such a product will set the ground for many investment opportunities for the downstream industries in the Kingdom of Saudi Arabia.

The estimated cost of the project shall be around 3 billion Saudi Riyals and is expected to create 200 direct job opportunities. The project's Polymers products are considered important components for many downstream and end sophisticated products. Sipchem has previously announced the conclusion of the technology licensing contract for this plant with Exxon Mobil, USA in May, 2009. Sipchem and Hanwha shall jointly market the plant's products worldwide.

About Sipchem

Saudi International Petrochemical Company (Sipchem) is a Saudi Company listed in Saudi Stock market. The company was established on December 22, 1999, with a current paid in capital of SR 3.3 billion ($ 880 million). Sipchem actively develops and invests in petrochemical and chemical industries, both basic and intermediate to produce chemicals. Sipchem is in the process of establishing a corporate Product & Application Development Centre (PADC) at the Dhahran Techno-Valley in the Eastern Province of the Kingdom that is planned to open in 2012.

Source: Sipchem

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