Sipchem starts production of electrical cables
The Tadawul All Share Index lost 0.76 per cent to close at 9,019.98 points on Monday, March 3. Saudi International Petrochemical Co (Sipchem) declined by 1.70 per cent to SAR29.10. Earlier in the day, Sipchem, with reference to its announcement in Tadawul on October 17, 2011, announced its initial start-up of a cable insulation polymers plant owned by Gulf Advanced Cables Insulation Company (a Sipchem affiliate), located in its complex in Jubail Industrial City. “Operations started on Sunday, March 2, 2014, which will continue until tests of all plant equipment.” The plant will produce cable insulation polymers, which are used for fabricating electrical cable insulation materials. “Total estimated cost of the plant is SAR230 million ($72.9m), financed by partners.