Sipchem secures US$360 mln as finance for acetyl complex

Saudi International Petrochemicals Company (Sipchem) said yesterday it secured 1.35 bln riyal ($360 mln) in financing from the state-owned Public Investment Fund for an acetyl complex. This follows the previously secured loans of 1.12 bln riyals from the government-owned Industrial Development Fund and a commercial financing of 1.43 bln riyals. 2 bln riyals were raised by the company last February by selling stocks to its shareholders. The work on the plant commenced in 2005, and is currently 95% complete. Production of 340,000 tpa of carbon monoxide, 400,000 tpa of acetic acid and 330,000 tpa of vinyl acetate is slated to commence by mid-2009.
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