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Sahara International Petrochemical Co. (Sipchem) announces The Signing of Engineering, Procurement and Construction Contracts for the expansion project of the Ethylene Vinyl Acetate Plant.
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SIPCHEM
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1445/12/26 02/07/2024 09:11:43
| Element List | Explanation |
|---|---|
| Introduction | Sahara International Petrochemical Company (Sipchem) is pleased to announce to its shareholders the award of engineering, procurement and construction contracts for the expansion of the Ethylene Vinyl Acetate plant of the International Polymers Company (an affiliate of Sipchem's). The additional production capacity is 70,000 tons (high-grade Ethylene Vinyl Acetate) and the total production capacity after the expansion will be approximately 290,000 tons a year. |
| Date of Announcement of the Award | 2024-07-01 Corresponding to 1445-12-25 |
| Contract Subject Matter | Engineering, procurement and construction contracts for the expansion of the ethylene vinyl acetate plant |
| The Entity with Which the Contract was Signed | SGC E&C Co., Ltd. and SGC ARABIA COMPANY LIMITED |
| Date of Signing the Contract | 2024-07-01 Corresponding to 1445-12-25 |
| Contract Value | US$ 187 million |
| Contract Details | Engineering, procurement, and construction contracts for the expansion of the ethylene vinyl acetate plant, where the additional production capacity is 70,000 tons (high-grade Ethylene Vinyl Acetate) and the total production capacity after the expansion will be approximately 290,000 tons a year. |
| Contract Duration | 40 Months |
| Financial Impact and the Relevant Period | The financial impact is expected after the project completion by 4th Quarter of 2027. |
| Related Parties | Not Applicable |
| Additional Information | This project reflects Sipchem’s efforts to produce high valued products. The high-grade ethylene vinyl acetate product contributes to multiple industries including the manufacture of solar power cell encapsulants, Hot Melt Adhesives and other uses. Any material development related to this project will be announced in accordance with the relevant regulations and instructions. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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