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Private petrochemical firm launched in Saudi Arabia


A new private Saudi Arabian petrochemical firm called Saudi International Petrochemical Co. has let contract to Fluor Daniel, Aliso Viejo, Calif., for overall project management of its first petrochemical complex, to be built at Al Jubail. The SIPC complex will produce methanol, butanediol, acetic acid, and vinyl acetate monomer, which can be used to produce a variety of industrial, commercial, and consumer products.

Fluor will also provide basic engineering and front-end engineering design for the complex. Work is expected to begin in July, with completion slated for late 2003.

The plant will include a common utilities unit.

Total installed cost of the plant is estimated at $800 million, says Fluor Daniel.

SIPC is a Saudi joint stock company incorporated in Riyadh with paid-in capital of $133 million. This was contributed by a diverse group of investors from Saudi Arabia, who provided 65% of the total capital, and investors from other Gulf Cooperation Council member countries, which supplied the remaining 35%.


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