SAUDI ARABIA: Sipchem's IPC signs loan agreement to help finance EVA/LDPE project

IPC, a joint venture of Sipchem (75%) and Hanwha Chemical Corp. (25%), is building a 200,000-t/y EVA and LDPE facility in Jubail, Saudi Arabia. Production is scheduled to begin during the third quarter of this year.

In 2011, IPC signed a $160-million loan facility with the Saudi Industrial Development Fund for the project, and last year the company signed a Shariah (Islamic laws) compliant $375-million loan, including bridge facilities, with four major Saudi banks.

Source: Weekly "PetroChemical News", Durham, NC, USA; 17 June 2013
(Syed Rashid Ali, Karachi, Pakistan)