‎“Sipchem” awards a $500 million ethylene crushing plant ‎expansion project contract

Sahara Global Petrochemicals (Sipchem) announced the award of an engineering, supply and expansion contract to (SGC – eTEC) on Thursday to increase the production of the ethylene crushing plant at the Saudi Ethylene and Polyethylene Company, one of the joint projects of Tasnee and Sahara Olefins, which Sahara Petrochemicals owns it by 32.55%

The company said in a statement today on “Tadawul” that the cost of the contract is estimated at $500 million, indicating that the project is expected to be completed and production begins in the first half of the year 2026 AD, with an increase in olefins production in the ethylene crushing plant by an estimated 18%. According to the expected contracts and prices, this will contribute positively to the consolidated financial statements of the Sahara International Petrochemical Company (Sipchem). Any fundamental developments will also be announced later