Saudi International Petrochemical Company (Sipchem) is a Saudi joint stock company founded in 1999 with current paid-in capital of US$978 million. Its shareholders comprise leading corporate organizations and investors in the Gulf Cooperation Council region and the Saudi public. The estimated overall value of the acetyls complex was US$1.8 billion, which included a Carbon Monoxide plant, Port, and other infrastructure facilities.
The project was the second phase of the Sipchem Complex development at Jubail Industrial City, adding CO, AA and VAM plants and additional support Utilities.
The plant for VAM, a high-end specialty plastic using DuPont technology, has a capacity of 330,000 metric tonnes per annum (MTPA), and the AA plant, using Eastman technology, has a capacity of 400,000 MTPA acetic acid and 50 MTPA acetic anhydride. The Utilities plant includes new utilities to supply the complex, including cooling water, steam generation, interconnecting pipe racks, wastewater treatment, and other utility systems.
The Acetyls Complex project also included a new carbon monoxide production plant, with the world's largest capacity, to provide feedstock to the Acetic Acid Plant and port facilities at King Fahd Industrial Port. This work was performed by others under separate contracts.