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Sipchem and Hanwha Chemical Join Forces in $1.1-Billion JV at Al Jubail

7:02 AM MDT | July 14, 2009 | Natasha Alperowicz

Saudi International Petrochemical Co. (Sipchem) and Hanwha Chemical Corp. (Seoul) have signed a joint venture agreement to establish a petrochemical company at Al Jubail, Saudi Arabia. The new jv will be owned 75% by Sipchem and 25% by Hanwha Chemical. It will build plants designed to produce 200,000 m.t./year of ethylene vinyl acetate (EVA) and 125,000 m.t./year of polyvinyl acetate. The new plants will be built on Sipchem's site at Al Jubail and require an investment of some SR4 billion ($1.1 billion). They are expected to begin production by the end of 2013...

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