Saudi's Sipchem says affiliate signs 542.6 mln riyal efficiency contract

SGC E&C

08/12/2016 13:00

DUBAI, Dec 8 (Reuters) - An affiliate of Saudi International 
Petrochemical Co  2310.SE  (Sipchem) signed a contract with 
South Korea's eTEC E&C  016250.KQ  for work costing 542.6 
million riyals ($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 on Thursday. 
    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 did not give further details but said this 
project is part of efforts to meet targets for the Saudi Energy 
Efficiency Center. 
    It has an annual production capacity of 967,000 tonnes of 
methanol, according to Sipchem's website. 
 
 (Reporting by Reem Shamseddine; Editing by David French) 
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;)) 
 
Keywords: SIPCHEM METHANOL/