Saudi International Petrochemical Company (Sipchem) has completed the acquisition of Ikarus Petroleum Industries Company’s (Kuwaiti Company) equity interests in the Saudi Arabia-based Acetyl Complex for around $100.2m (SAR375.8m).
Sipchem has received all the necessary regulatory approval to buy stakes owned by Ikarus Petroleum Industries in International Acetyl Company and International Vinyl Acetate Company.
Following the deal, Sipchem’s equity interests in each of the acquired companies will increase from 11% to 87%, without affecting the ownership percentages of the remaining partners, including Germany-based Helm (10%) and the Supreme Council of Endowments (3%).
“Sipchem’s equity interests in each of the acquired companies will increase from 11% to 87%.”
With the transaction, Sipchem aims to increase the company’s and its shareholder’s profits in the long term.
The acquisition is a part of an agreement signed last June.
In 2005, Sipchem revealed its final investment decision to build an acetyls complex at Jubail Industrial City, Saudi Arabia.
Named as Jubail Acetyls Complex, the facility features a 460,000t/y acetic acid facility, a 330,000t/y vinyl acetate monomer (VAM) plant, a 50,000t/y acetic anhydride factory, and a 345,000t/y carbon monoxide plant.
Both Sipchem and Ikarus operate plants in Jubail Industrial City.
During the signing of the deal with Ikarus, Sipchem CEO Ahmad A Al-Ohali stated the transaction was a part of Sipchem’s growth strategy to improve its equity investment in its affiliates.
Sipchem’s Acetyls products serves the downstream industry and construction materials, ink, paints and solvents manufacturing as well as other product sectors.
Source: Chemicals Technology
Neste and BCG have signed a new agreement for the purchase of Neste MY Sustainable Aviation Fuel™, to be delivered to SAS and Finnair, covering the volume of all the flights with these carriers taken by BCG employees in the Nordics. Through this new partnership, BCG expects to significantly reduce greenhouse gas emissions on flights with these airlines.
South Korean firms Hanwha Compound and SPC Pack plan to jointly develop eco-friendly biodegradable plastic materials based on poly lactic acid (PLA).
Borealis Group has signed an agreement with Renasci Oostende Recycling to acquire the entire chemically recycled feedstock output from its high-tech recycling center in Oostende, Belgium. This agreement will enable Borealis to become one of the leading global suppliers of chemically recycled base chemicals and polyolefins.