UAE: Sipchem Signs Contract with Etec E&C Investment in Increased Efficiency
Reuters reports that Saudi's Sipchem affiliate International Methanol will sign an efficiency contract with a volume of $ 144,6 million.
Dubai/UAE — An affiliate of Saudi International Petrochemical (Sipchem) signed a contract with South Korea's Etec E&C for work amounting to 542.6 million riyals ($ 144.6 million) in order to increase the efficiency of operations at its methanol plant in Jubail. International Methanol Co (IMC) is 65 % owned by Sipchem, and a group of Japanese companies hold the rest, according to the bourse filing from Sipchem on Thursday.
According to Reuters, the project is expected to be completed in the fourth quarter of 2018. Under the contract, Etec will be in charge of engineering, procurement and construction measures with the aim of enhancing the efficiency of the plant, which currently has an annual production capacity of 967,000 tonnes of methanol.