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Saudi Sipchem to raise its stakes to 87% in two subsidiaries

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/06/2015 (10:47)
According to media reports, Saudi International Petrochemical Co (Sipchem) will pay $100.2 million to Kuwait’s Ikarus Petroleum Industries Company to raise its stakes in two local subsidiaries, the International Acetyl Company (IAC) and the International Vinyl Acetate Company (IVAC).

Through the acquisition, which is expected to be completed in the third quarter of this year, the company will increase their stakes by 11% to 87% in the two companies.

IAC has a production capacity of 400,000 ton/year of acetic acid and 50,000 ton/year of acetic anhydride in Jubail while IVAC has a 330,000 ton/year vinyl acetate monomer plant at the same site.
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