Sahara International Petrochemical Company (Sipchem), an integrated global leader in the petrochemical sector and a company listed on the Saudi Stock Exchange, has signed a letter of intent (LOI) with Hoyer Middle East to further enhance the reach of its chemical products.

The agreement is in line with Sipchems vision to expand to a full-fledged distribution company capable of delivering products and services to both large and small-to-medium businesses located in the kingdom and internationally.

Hoyer Middle East is part of the Hoyer Group, one of the worldwide market leaders in moving liquids, including chemical products, by road, rail and sea.

The signing took place during a forum organised by Sipchem, in collaboration with Argus Media, titled Sipchem-Argus Petrochemical Forum, at the Sipchem Technology & Innovation Center Manar on September 29.

The forum was attended by Eng Saleh Bahamdan, chief executive officer of Sipchem, and more than 150 experts from various petrochemical companies in the region.

During the forum, representatives of both Sipchem and Argus Media discussed the challenges facing the petrochemical industry in 2020. Eng Bahamdan provided an update on Sipchems progress following the successful merger of equals between Sipchem and Sahara Petrochemical Company.

This new business venture is in line with Sipchems commitment to support local industries within the kingdom. The agreement will create new opportunities for SMEs within Kingdom and at the same time unlock additional value potential for Sipchem.

Eng Bahamdan commented: We're pleased to announce that we have signed the letter of intent with Hoyer Middle East as it is yet another step forward in our growth strategy. I believe that this is a major building block that will further strengthen Sipchems position as a leading petrochemical products supplier in the kingdom and internationally. At Sipchem we believe that the chemical industrys growth will continue, driven by positive market dynamics.

Sipchems growth to date and future expansion plans are in line with the strategic goal of Saudi Arabias Vision 2030 to build national champions with strong local and international reach in a sector that has been identified as a priority for the future economy of the kingdom.

Hoyer has been one of the worlds leading bulk logistics providers since 1946. It has extensive know-how in the provision of complex services, and has special customer proximity. It develops and implements comprehensive solutions in worldwide bulk logistics, particularly in the chemical, food, gas and petroleum industries. - TradeArabia News Service

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