Saudi International Petrochemical Company’s (Sipchem) affiliate the International Polymers Company (IPC) has signed with Saudi Industrial Development Fund (SIDF) a SR 600 million loan facility Agreement. The purpose of this loan facility is to support financing of the construction of EVA/LDPE plant. This plant will produce Ethylene Vinyl Acetate (EVA) and Low Density Polyethylene (LDPE) with an annual production capacity of 200,000 metric tons in its industrial complex in Jubail Industrial City. Ethylene Vinyl Acetate (EVA) is used as a feedstock in the production of heat soluble adhesives, resin products and high-quality sports bandages; Low Density Polyethylene (LDPE) is used as a feedstock in the production of various types of containers, bottles and medical detergents.
International Polymers Company has been founded in the year 2009, where as Sipchem owns 75% of its shares and Hanwa Chemical owns 25%. This plant will be the first of its kind in the region to produce Ethylene Vinyl Acetate. Sipchem has announced on December 15, 2010 that the Engineering Design, Procurement and Construction (LSTK) contract for this plant was awarded to G.S. Engineering & Construction Corporation- Korea. The cost of the project is estimated at 3 billion Saudi Riyals, with start up scheduled in Q2-2013.
21-Nov-11 
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