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Sipchem signs loan agreement for EVA-LDPE project

4:00 AM MDT | June 11, 2013 | Natasha Alperowicz

Saudi International Petrochemical Co.’s (Sipchem; Al Khubar) affiliate International Polymers Co. (IPC) has signed a financing agreement for 704 million Saudi riyals ($188 million) with the Public Investment Fund to partly fund a previously announced project to produce ethylene vinyl acetate and low-density polyethylene (EVA-LDPE). The loan is repayable over 14 years in 26 semiannual and equal instalments starting December 2014. Sipchem has 75% in IPC and Hanwha Chemical 25%.   The plant will be built at Al Jubail by the third quarter of this year. It...

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