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FINANCIAL NEWS
Sipchem to invest USD40m in research center
25 Jul 2011
(MENAFN) The Saudi International Petrochemical Company, also known as Sipchem, stated that it has plans for an investment totaling to over USD40 million in a Research and Product & Application Center at the Dhahran Techno Valley (DTV) of King Fahd University of Petroleum and Minerals (KFUPM), reported Arab News.
Sipchem said it signed a memorandum of understanding with the Ministry of Petroleum and Minerals and KFUPM, under which the company would construct, manage and operate the center in subject.
Sipchem added they expect operations in the center to start in mid-2012 and would hire around fifty scientists, researchers and technicians.
The company also said that the new project would accommodate 37 labs in addition to a number of halls and auditoriums.
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