Gulf Advanced Cable Insulation Company has awarded the Engineering Design, Procurement and Construction (LSTK) contract for the Wire and Cable Polymers Compounding Plant to POSCO Engineering Co, South Korea.
The Gulf Advanced Cable Insulation Company will be owned 50 per cent by Sipchem and 50 per cent by Hanwha Chemical of South Korea.
The new plant will produce the power cable insulation materials at Sipchem’s site in Jubail Industrial City. This plant comes as part of Sipchem’s third phase expansion downstream program.
The estimated cost of the plant is around US$61.3mn which is expected to start its operation in the third quarter of the year 2013.
Eng. Abdulrahman A. Al-Saif, President Project and Services of Sipchem declared that the award of the design, procurement of equipment and construction contract is considered an important step in Sipchem’s well-studied expansion and downstream development program.
