MOSCOW (MRC) -- An affiliate of Saudi International Petrochemical Co (Sipchem) signed a contract with South Korea's eTEC E&C for work costing USD144.6 million to raise the efficiency of operations at its methanol plant in Jubail, said Hydrocarbonprocessing.
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.
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 t of methanol, according to Sipchem's website.
As MRC informed earlier, in 2014, Saudi International Petrochemical Co (Sipchem) commenced trial runs at a new ethylene vinyl acetate (EVA)/low density polyethylene (LDPE) swing plant.
Established in 1999, Saudi International Petrochemical Company (Sipchem) manufactures and markets methanol, butanediol, tetrahydrofuran, acetic acid, acetic anhydride, vinyl acetate monomer. Besides, it has launched several down-stream projects to manufacture ethylene vinyl acetate, low density polyethylene, ethyl acetate, butyl acetate, cross linkable polyethylene, and semi conductive compound that are scheduled to start in 2013.
MRC