DUBAI, Dec 8 (Reuters) - An affiliate of Saudi International
Petrochemical Co 2310.SE ( Sipchem ) signed a contract with
South Korea's eTEC E&C 016250.KQ for work costing 542.6
million riyals ($144.6 million) to raise the efficiency of
operations at its methanol plant in Jubail.
International Methanol Co (IMC) is 65-percent owned by
Sipchem, and a group of Japanese companies hold the rest,
according to the bourse filing from Sipchem on Thursday.
The project is expected to be completed in the fourth
quarter of 2018.
Under the contract, eTec will be in charge of doing
engineering, procurement and construction work for efficiency
enhancement. Sipchem did not give further details but said this
project is part of efforts to meet targets for the Saudi Energy
Efficiency Center.
It has an annual production capacity of 967,000 tonnes of
methanol, according to Sipchem's website.