Saudi International Petrochemical Company (Sipchem) is forming an ethyl acetate (EA), ethylene vinyl acetate (EVA) and WCC grade steel conversion joint venture, Saudi Specialty Products Company, with South Korea’s Hanwha Chemicals (Sipchem 75%, Hanwha 25%). Total investment will be SR225mn ($60mn).
Sipchem says the JV will operate two manufacturing plants: a 4,000 tons/year EVA film plant at Hail, and one at Riyadh capable of manufacturing steel molds and dies of up to 1,000 tons for use in plastics and encapsulation plants. The EVA plant will incorporate process technology from Japan’s Mitsui Chemicals Tohcello, while the molding project will be based on technology developed by Germany’s Kiefer Werkzeugbau. (CONTINUED - 270 WORDS)