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FINANCIAL NEWS
Saudi’s Sipchem to start operations in new USD29m plastic plant
25 Sep 2014
(MENAFN) Saudi International Petrochemical Company (Sipchem) announced it had commenced with trial operations on its new plant in Riyadh, which it built as a joint venture with South Korea’s Hanwha Chemical, Arab News reported.
The plant, which has an annual production capacity of 1.000 tons of plastic molds, has an estimated cost of around USD29.3 million to be built.
Sipchem said that it owns 75 percent of the joint venture, which will be called Saudi Specialty Products Co., while Hanwha owns the rest of the shares.
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