News Post
Saudi's Sipchem affiliate signs $144.6 MM methanol plant efficiency contract
DUBAI (Reuters) -- An affiliate of Saudi International Petrochemical Co (Sipchem) signed a contract with South Korea's eTEC E&C for work costing $144.6 million to raise 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.
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.
Reporting by Reem Shamseddine; Editing by David French
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