Sipchem’s IPC inks agreement for US$187.7 mln long-term loan with Public Investment Fund

17-Jun-13

Saudi International Petrochemical Co’s (Sipchem), local unit International Polymers Co (IPC) has signed an agreement for a long-term loan worth 704 mln Saudi riyals (US$187.7 mln, Dh689.4 mln) from the country’s Public Investment Fund. The debt, which will mature in 2027, will be used by IPC to finance a petrochemical project in Jubail Industrial City in eastern Saudi Arabia, the company said in a statement posted on the Saudi bourse website. The plant will produce 200,000 metric tpa of ethylene vinyl acetate and low density polyethylene and is expected to start operations in the third quarter. IPC is a venture that is 75% owned by Sipchem and 25% by South Korea’s Hanwha Chemical Corp.