Sahara International Petrochemical Company (Sipchem) signed a Letter of Intent (LoI) with Hoyer Middle East to expand the reach of its chemical products.
The signing comes as Sipchem looks to become a distribution company so it can deliver products domestically in Saudi Arabia and internationally.
Hoyer Middle East is part of the HOYER Group, a bulk logistics provider for moving liquids, including chemical products, by road, rail and sea.
Sipchem said it will create new opportunities for SMEs within Kingdom and at the same time unlock additional value potential for Sipchem.
Eng. Saleh Bahamdan, chief executive officer, Sipchem: “We're pleased to announce that we have signed the Letter of Intent with Hoyer Middle East as it is yet another step forward in our growth strategy. I believe that this is a major building block that will further strengthen Sipchem’s position as a leading petrochemical products supplier in the Kingdom and internationally. At Sipchem we believe that the chemical industry’s growth will continue, driven by positive market dynamics.”
Sipchem’s growth to date and future expansion plans are in line with the strategic goal of Saudi Arabia’s Vision 2030 to build national champions with strong local and international reach in a sector that has been identified as a priority for the future economy of the Kingdom.