Saudi International Petrochemical Co. (Sipchem) said its 65 percent-owned affiliate International Methanol Co. has signed an engineering, procurement, and construction (EPC) contract with Korea’s eTec Co. for a total value of SAR 542.6 million, the company said in a statement to Saudi bourse, Tadawul.
The EPC agreement is aimed at improving performance and efficiency in the methanol facility.
The project work will start immediately and will be completed in Q4 2018.
The upgrade project is not expected to weigh on the facility’s current performance, but it will help it comply with the requirements of the Saudi Center for Energy Efficiency (SEEC) as regards the efficient usage of energy.
Sipchem owns a 65 percent of the IMC facility, while the remaining 35 percent equity is owned by Japanese companies.
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