(MENAFN) Sipchem Chemicals Company (SCC), an affiliate of Saudi International Petrochemical Company (Sipchem), inked a joint venture pact with Hanwha Chemicals Corporation to establish conversion projects in Saudi Arabia, Arab News reported.
The new company, Saudi Specialty Products Company, will build two manufacturing facilities; the first one located at Hail will produce 4,000 MTPA of EVA films whereas the second one located at Riyadh will manufacture plastic moulds up to 1000 tons.
SCC said the JV is in line with its commitment to implement fuel and feedstock volume allocation required to establish EA, EVA, WCC and conversion industries as issued by Ministry of Petroleum and Mineral Resources.
SCC owns 75 percent of new company capital while Korean Hanwha owns 25 percent. Total investment for these conversion projects will be approximately USD60 million and will create employment opportunities for approximately 180 people.
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