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Saudi Sipchem Says Affiliate Begins Commercial Ops at Tool Plant

Source: Reuters 11/1/2016, Location: Middle East

Saudi International Petrochemical Co (Sipchem) said that its affiliate began commercial operations at a plant producing tools and industrial parts in Riyadh.

Saudi Specialized Products Company, the affiliate whose plant is located in the Second Industrial City zone of the Saudi capital, has completed tests to ensure the plant's efficiency, capacity and product quality, Sipchem said in a bourse filing.

The financial impact of the plant's operations will be reflected in Sipchem's fourth-quarter results, the statement said, adding the facility cost approximately 110 million riyals ($29.3 million).

Saudi Specialized Products Company's plant produces a variety of metal moulds, spare parts and specialised industrial parts and equipment.

Saudi Specialized Products Company is owned 75 percent by Sipchem and 25 percent by South Korea's Hanwha Chemical Overseas Holdings Co limited, the statement added.

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