Sipchem’s affiliate signs SR542.6m efficiency contract

Sipchem’s affiliate signs SR542.6m efficiency contract
Updated 08 December 2016

Sipchem’s affiliate signs SR542.6m efficiency contract

Sipchem’s affiliate signs SR542.6m efficiency contract

JEDDAH: An affiliate of Saudi International Petrochemical Co. (Sipchem) signed a contract with South Korea’s eTEC for work costing SR542.6 million ($144.6 million) to raise the efficiency of operations at its methanol plant in Jubail.
International Methanol Co. (IMC) is 65-percent owned by Sipchem, and a group of Japanese companies hold the rest, according to the bourse filing from Sipchem. The project is expected to be completed in the fourth quarter of 2018.
Under the contract, eTec will be in charge of doing engineering, procurement and construction work for efficiency enhancement.
Sipchem said this project is part of efforts to meet targets for the Saudi Energy Efficiency Center.