IDC Signed Engineering, Procurement Construction Contract with eTEC | Riyadh Business news

Sipchem awards debottleneck contract to eTEC

12:00 PM, 15th July 2013
Sipchem Business news

RIYADH, SAUDI ARABIA: International Diol Company (IDC), an affiliate of Saudi International Petrochemical (Sipchem), has signed an engineering, procurement and construction contract with eTEC of South Korea to debottleneck and improve the efficiency and the reliability of its plant facilities.

The project cost for construction and licensing are planned at SAR 393 million ($104.8 million). The construction of project will begin from 14 July 2013 and project is expected for completion by fourth quarter of 2014. The financial impact of the project will be announced soon. IDC had signed the financing arrangement for this debottlenecking as the second tranche of the financing agreement signed with Saudi Hollandi Bank and Saudi British Bank that was announced previously on 31 March 2013.

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