RIYADH, 21 November 2007 — International Methanol Company (IMC), a subsidiary of Saudi International Petrochemical Company (Sipchem) signed a five-year time charter agreement with the National Chemical Carriers (NCC), a subsidiary of National Maritime Transport Company, yesterday in Riyadh. Under the agreement, carrier NCC-Rabigh will transport Sipchem’s products to international markets.
The agreement was inked by Abdulaziz Al-Zamil, chairman of the board of directors of IMC, and Faisal Al-Saleh, chairman of the board of directors of NCC.
“This is the first agreement of its kind to ship our consignment through our national liners,” Al-Zamil told newsmen here yesterday.
He added that the new joint venture will enhance the status of IMC among petrochemical producers and will help deliver the goods at competitive prices. “The value of the agreement is SR150 million and we will be able to save SR15 million a year,” Al-Zamil noted, adding that it will also boost export of petrochemical products to Far East and Europe.
“The agreement was reached to cope with the tremendous growth in the production of petrochemical products that need to be exported to Europe and Asia,” he said. The first shipment on Thursday will have a load of 40,000 tons of petrochemical products. He pointed out that this contract reflects the outstanding achievement of NCC and also it demonstrates the confidence reposed in the company by local petrochemical producers.
“This agreement will serve the national economy and collaborate with each other in the expansion of Saudi exports,” he added.
National Chemical Carriers is a Saudi-based limited liability company established in 1990 which owns a specialized fleet of vessels to carry petrochemicals around the world.
The International Methanol Company was established in 2003 as a joint venture between Sipchem with 65 percent capital and Japan-Arabia Methanol Company with 35 percent of the capital. Located in the industrial city of Jubail, IMC’s annual production is estimated at 1 million tons.