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FINANCIAL NEWS
Saudi’s Sipchem awards $800m accord to S.Korea’s GS
15 Dec 2010
(MENAFN) South Korea’s GS Engineering and Construction Corp. announced that it has won an $800 million contract from the Saudi International Petrochemical Company (Sipchem), to build and design a new petrochemical plant, AP reported.
The design, equipment procurement and construction deal was signed with Sipchem affiliate, International Polymers Co., and is part of the parent firm’s third expansion phase, said the company.
The new plant which will produce 200,000 metric tons of ethylene vinyl acetate and low density polyethylene is scheduled to be operational by June 2013.
The deal comes in line with Saudi Arabia’s effort to bolster its industrial sector and diversify its economic base away from the oil sector on which the Kingdom heavily relies.
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