Sipchem mulls investment projects for next 10 years within 'Shareek' program: CEO

Abdullah S. Al-Saadoon, CEO, Sahara International Petrochemical Co.

Sahara International Petrochemical Co.'s (Sipchem) participation in the 'Shareek' program, aimed at strengthening partnership with the private sector, will support the company's ambitious expansion plan adopted since inception, Chief Executive Officer (CEO) Abdullah S. Al-Saadoon told Argaam in a phone call.

The company is studying investment in expansion projects over the next 10 years with the concerned authorities, which will enhance its position as one of the leading firms. 

According to the data compiled by Argaam, Crown Prince Mohammed bin Salman recently launched the 'Shareek' program to strengthen the partnership with the private sector, with the aim of supporting local firms and enabling them to reach local investments worth SAR 5 trillion by the end of 2030.

When asked about product prices in the first quarter of 2021, Al-Saadoon said that prices reached higher levels on growing demand and recovery of global markets, explaining that the company is reaping the fruits of the merger between Sipchem International and Sahara.

Demand remains robust due to the second quarter contracts with prices at a good level, Al-Saadoon highlighted, expecting their positive impact on the company's financial results.

Sipchem reported a net profit after Zakat and tax of SAR 411.5 million for Q1 2021, against a net loss of SAR 52.8 million in the prior-year period, Argaam reported.