Sipchem inks primary hydrogen supply deal with Aramco’s unit
09 June 2019
Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) signed on Thursday, 30 May a 20-year hydrogen supply agreement with Saudi Aramco Shell Refinery Company (SASREF), based in Jubail Industrial City.
Under the deal, Sipchem will supply SASREF with the Hydrogen Gas that is required in SASREF’s future production operations starting in 2020, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.
The agreement was signed by Abdullah Al-Saadoon, CEO of Sipchem, and Hussain Al-Qahtani, president of SASREF.
Sipchem noted that the deal will have a positive impact on the company’s financial position starting from 2020.
“This agreement is a continuation of Sipchem’s efforts to utilise all available resources to maximise the added value of the company’s products and enhance its revenues,” the statement highlighted.
Signing the agreement comes along with an on-going collaboration between both companies after signing the supply agreement for CO2 in 2017.