Saudi International Petrochemical Company and Hanwha Chemical Corporation announced Monday that their affiliate the Gulf Advanced Cable Insulation Company has awarded the engineering design, procurement and construction contract for the Wire and Cable Polymers Compounding Plant to POSCO Engineering Company of South Korea.

The new plant will produce the power cable insulation materials at Sipchem’s site in Jubail Industrial City. This plant comes as part of Sipchem’s Phase III expansion downstream program.

As announced earlier, the Gulf Advanced Cable Insulation Company will be owned equally by Sipchem and Hanwha. The SAR 230 million is expected to be operational in the Q3 of 2013. The major feedstock for the plant will be sourced from the International Polymers Company, one of Sipchem affiliates.

(Sourced from Saudi Gazette)