Saudi firm Sipchem bags US$360 mln funds for its Acetyls Complex

16-Feb-09

The Saudi International Petrochemical Company (Sipchem) said in a release that the affiliates of Acetyls Complex companies have inked a funding agreement with the Public Investment Fund (PIF) for SAR 1.35 bln (approx. US$360 mln) to construct the Acetyls Complex in Al-Jubail Industrial City. Currently, Sipchem has finished 95% work on its fully integrated, world-class complex for manufacturing acetyls, the release said. Sipchem started construction of a major Acetyls Complex in the second half of 2006, which consists of Acetic Acid plant (460,000 mtpa), Vinyl Acetate Monomer plant (330,000 mtpa) and Carbon Monoxide plant (345,000 mtpa). The utilities unit of the complex has already put into operation by the end of the last year, and the complex plants are expected to go on stream by mid 2009. The release said that the affiliate companies of Sipchem Acetyls Complex previously secured funding of SAR 1.12 bln from the Saudi Industrial Development Fund, and a corporate fund of SAR 1.43 bln.