Sahara International Petrochemical Co. (Sipchem) signed on May 30 a long-term hydrogen supply deal with Saudi Aramco Shell Refinery Co. (SASREF), Sipchem said today in a statement to Tadawul.
The value of the deal was not disclosed.
Under the 20-year agreement, Sipchem will supply the hydrogen starting from 2020, and by then the firm expects a positive impact to show on its financial results, it said.
The deal comes as part of Sipchem’s efforts to utilize all its resources to maximize products’ added value and enhance revenues, the firm added.
According to data compiled by Argaam, the two firms signed a CO2 supply deal in July 2017.
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