SAUDI ARABIA: Sipchem boosts acetyls complex equity with acquisition of Ikarus’ Holdings

Saudi International Petrochemical Co. (Sipchem) has completed all governmental requirements to conclude the acquisition of Kuwait-based Ikarus Petroleum Industries Co.’s equity interests in the Acetyls Complex in Jubail, Saudi Arabia.

Specifically, Sipchem has acquired Ikarus’ 11 % equity holding in Sipchem affiliate International Acetyl Co. and its 11 % holding in International Vinyl Acetate Co., also an affiliate of Sipchem. Sipchem said the transaction amount of $ 100.1-million has been “fully paid” and it now holds an 87 % interest in each company. German firm Helm owns a 10 % stake in each, with the remaining 3 % held by the Supreme Council of Endowments.

International Acetyl has a 460,000-t/y acetic acid and acetic anhydride facility and International Vinyl Acetate has a 330,000-t/y vinyl acetate plant.

Source: Weekly “PetroChemical News”, Durham, NC, USA; 15 Feb 2016
(Syed Rashid Ali, Karachi, Pakistan)