(MENAFN - Arab News) The Saudi International Petrochemical Co. (Sipchem) has launched the construction of its ethylene vinyl acetate (EVA) films project in Hail Industrial City.
The project enjoys the patronage of Hail Governor Prince Saud bin Abdulmohsen, who is also the chairman of the High Commission for Development of Hail Region.
Built on an area of 40,000 square meters, the SR 120 million project will manufacture 4,000 metric tons per annum of EVA films.
"Sipchem considers the establishment of this project in Hail as an inspiring motive in the creation of investment opportunities by establishing new projects using the product in addition to the creation of various employment opportunities for the people of Hail," said a top company executive.
The project, which is fully owned by Sipchem Chemicals Company (SCC), will be financed by the company and other local backers.
The project is expected to create new investment opportunities, by establishing new projects using the product, which will enable the creation of various employment opportunities for the people of Hail.
The project is expected to be operational by the third quarter of 2013.
EVA films are used to produce solar cell panels which are important components for the production of renewable electricity.
SCC is an affiliate of Sipchem and its product will be marketed by Sipchem's affiliate, Sipchem Marketing and Services Company (SMSC).
Incorporated in December 1999, Sipchem is a Saudi joint stock company owned by private sector investors of Saudi Arabia and GCC countries.