Sipchem receives US$359.92m Loan from PIF
Loan will be used to finance the $1.9bn acetyls complex project
Saudi International Petrochemical Company (Sipchem) has signed US$359.92m (SR 1.35bn) financing arrangement with The Public Investment Fund (PIF) to finance part of the costs of construction of its Acetyls Complex project in the Industrial City of Jubail, on the eastern coast of the Kingdom, the company said in statement.
It has already received financing loans from the Saudi Industrial Development Fund for an amount of $298.59m and commercial financing facilities for an amount of $381.24 m.
The Acetyls companies are currently in the process of developing a world class fully integrated Acetyls complex. Implementation of work in the project exceeded 95% of the scheduled plan, which aims at launching the utility units of the complex by the end of the current year and launching the complex plants at the start of the second quarter of 2009.
Companies of Sipchem’s Acetyls Complex are leading in this sector of the industry. The Carbon Monoxide Plant will produce 340,000 tonnes per annum, rendering this plant to be currently the largest of its type in the world.
The complex will also produce 460,000 tonnes per annum of Acetic Acid and Acetic Acid Anhydride, and 330,000 tonnes per annum of Vinyl Acetate Monomer. The project will receive the necessary technical support from Eastman Company (USA) for the production of Acetic Acid and from DuPont Co. (USA) for the production of Vinyl Acetate Monomer.
Through its affiliates, International Methanol Company (IMC) and International Diol Company, Sipchem currently produces over one million tpa of methanol and 75 thousand tpa of butanediol; The company was established in 1999 and listed in Saudi Stock market (Tadawul).