2000 News Story

New petrochemical company launched

The Saudi International Petrochemical Company (SIPC) was launched yesterday with a projected capital of SR 3 billion [U.S. $ 0.8 billion]. The SIPC plant, to be constructed in Jubail Industrial City, will be operational by the end of 2003. The joint stock company, incorporated in Riyadh, currently has a paid-up capital of U.S. $ 133 million, with 35 percent of the investment coming from the Gulf Cooperation Council (GCC) states and the rest from Saudi Arabia. SIPC has signed a contract with Fluor-Daniel, Inc., for overall management of the complex, which will include a methanol plant producing maleic anydride, butanedial, and acetic acid in addition to a vinyl acetate monomer plant.