May 06 2012 |
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Sipchem signs SR164.8m loan deal for new plant
By IBRAHIM AL-GHAMDI JUBAIL: One of Saudi International Petrochemical Co.'s ( Sipchem 's) affiliates, Sipchem Chemicals Company, has signed a SR 164.8 million loan facility agreement with Saudi Industrial Development Fund ( SIDF ) to support financing of the construction of ethyl acetate and butyl acetate plant (EA/BA) with production capacity of 100,000 tons per year.The project is located in Jubail Industrial City. Ali A. Al-Ayed, director general of SIDF , and Abdullah S. Al-Saadoon, Sipchem president (operations), signed the deal.
" Sipchem Chemicals Company project is considered to be the first of its kind in the region, which is part of Sipchem 's Phase III expansion program," said Al-Saadoon.
"The project is expected to supply the local and international markets with ethyl acetate and butyl acetate used as a solvent in inks, industrial liquids and pallets used in paints, etc. The company has announced earlier the signing of the technology agreement with Rhodia, France."
Al-Saadoon extended Sipchem 's thanks, gratitude, and appreciation to Al-Ayed and his team for their support and professionalism for the development of industrial sector in the Kingdom.
© Arab News 2012
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