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FINANCIAL NEWS
Saudi Sipchem launches construction works on 2 new plants
04 Oct 2011
(MENAFN) Saudi International Petrochemical Company (Sipchem) said that the company began construction operations on two new factories that would be the first of their kind in the region, reported Arab News.
The company added that the first plant, which would produce ethylene vinyl acetate (EVA) and low density polyethylene (LDPE), would have an annual output capacity of 200,000 tons.
It also said that the second plant, which would be completely owned by Sipchem, would produce ethyl acetate and butyl acetate, and would provide its output to local and global markets; moreover, its products would be used as a solvent in the manufacture of inks and industrial fluids and granules.
It is worth noting that the total cost of the first plant is estimated to reach around USD799 million, whereas the total cost of the second plant is estimated to reach around USD93 million.
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