IKARUS Petroleum Industries Company signs with Saudi International Petrochemical Company (SIPCHEM) the agreement for the commercial completion of the purchase of 11% of the shares of two affiliates of Sipchem, namely the International Acetyl Company and International Vinyl Acetate Company, for amount of SR 240 million. Previously, it was announced that IKARUS would enter as a partner in both companies with an intended share percentage of 15%. However, the two parties agreed at later stage to reduce this percentage to 11% without resulting in any profit or loss.
The two companies will produce 460 thousand tons of acetic acid, acetic anhydride and 330 thousand tons of vinyl acetate monomers. It is scheduled that both companies will start production in the third quarter of this year.
IKARUS will join the existing shareholders; Sipchem, Helm Arabia Germany and Endowment Fund (Awqaf).