General Assembly reviews progress of work in Sipchem & affiliates

25 Dec '07

2 min read

On Sunday, December 9, 2007, the Saudi International Petrochemical Company (Sipchem) held its Fifth Extraordinary General Assembly meeting and its Ninth ordinary General Assembly meeting in Riyadh.

The meetings where chaired by HE Engineer Abdulaziz bin Abdullah Al- Zamil, chairman of the Board of Directors and attended by a large number of shareholders.

HE Engineer Abdulaziz bin Abdullah Al-Zamil, chairman of the Board of Directors, announced that the General Assembly reviewed the progress of work in Sipchem and its affiliates, with particular emphasis on the most important current and future developments and achievements.

HE also stated that Sipchem's Methanol and Butanediol plants continue their production according to plan and their production is being exported to global markets. HE added, in the meantime, Sipchem continues to execute the Acetyls Complex, which consists of three plants.

By the end of November, 50% of the project was complete and the complex is expected to start commercial production early 2009.

Chairman of the Board also stated that, pursuant to the provisions of the Capital Market Authority, the Extraordinary General Assembly has approved amendment of the article covering the number of Board members to 11 instead of 13.

The Ordinary General Assembly has also approved activities of the Board of Directors during the period from 11/10/2007 to 09/12/2007 and the rules for selection of the nominationsand bonuses committee members, the term of their membership and method of their work.

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