SIPCHEM ANNOUNCES THE SIGNING OF CO2 SUPPLY AGREEMENT WITH SASREF
Wednesday, July 19, 2017
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Saudi International Petrochemical Company (Sipchem) announces the signing of a long-term Agreement with Saudi Aramco Shell Refinery Company (SASREF) on July 18, 2017 for supplying its affiliate International Methanol Company (IMC) with Carbon Dioxide (CO2). Carbon Dioxide is an added feedstock which, is part of IMC Efficiency Enhancement Project, announced earlier on December 8, 2016. 

The signing of the agreement is a continuation of Sipchem efforts to utilize all available resources in the Kingdom through effective partnerships to maximize the added value of the company's products and increase the efficiency of its operations and its competitiveness. The agreement also demonstrates the commitment of both parties to the environment by reducing carbon dioxide emissions.

The financial impact for this agreement will reflect positively on 1st Q 2019 financial statement as IMC will begin to benefit from the supply of carbon dioxide during the first quarter of 2019.