Sahara International Petrochemical Company (Sipchem), an integrated global leader in the petrochemical sector and a company listed on the Saudi Stock Exchange, has signed a Letter of Intent (LOI) with Hoyer Middle East to further enhance the reach of its chemical products
The agreement is in line with Sipchem’s vision to expand to a full-fledged distribution company capable of delivering products and services to both large and small-to-medium businesses located in the Kingdom and internationally.
Hoyer Middle East is part of the HOYER Group, one of the worldwide market leaders in moving liquids, including chemical products, by road, rail and sea.
The signing took place during a forum organised by Sipchem, in collaboration with Argus Media, titled “Sipchem-Argus Petrochemical Forum”, at the Sipchem Technology & Innovation Center “Manar” on Sunday, September 29, 2019. The forum was attended by Eng. Saleh Bahamdan, CEO of Sipchem and more than 150 experts from various petrochemical companies in the region. During the forum, representatives of both Sipchem and Argus Media discussed the challenges facing the petrochemical industry in 2020. Eng. Bahamdan provided an update on Sipchem’s progress following the successful merger between Sipchem and Sahara Petrochemical Company.
This new business venture is in line with Sipchem’s commitment to support local industries within the Kingdom. The agreement will create new opportunities for SMEs within Kingdom and at the same time unlock additional value potential for Sipchem, the company said.
Eng. Saleh Bahamdan, CEO, Sipchem commented, “We're pleased to announce that we have signed the Letter of Intent with Hoyer Middle East as it is yet another step forward in our growth strategy. I believe that this is a major building block that will further strengthen Sipchem’s position as a leading petrochemical products supplier in the Kingdom and internationally. At Sipchem we believe that the chemical industry’s growth will continue, driven by positive market dynamics.”
