Issue Date: July 20, 2009
Sipchem, Hanwha Team Up For Saudi Project
Saudi International Petrochemical (Sipchem) and South Korea's Hanwha Chemical have formed a joint venture that will invest about $1.1 billion in projects in Al-Jubail, Saudi Arabia. The venture, owned 75% by Sipchem and 25% by Hanwha, will build a 200,000-metric-ton-per-year ethylene vinyl acetate (EVA) plant and a 125,000-metric-ton polyvinyl acetate unit, both due to open in 2013. Products from the facilities will go into hot-melt adhesives, hot-glue sticks, and shoe soles. The EVA plant will make use of technology Sipchem earlier licensed from ExxonMobil Chemical.
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