Saudi International Petrochemical Company (Sipchem) – GC Powerlist
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Middle East Teams 2016

Saudi International Petrochemical Company (Sipchem)

| Saudi International Petrochemical Company (Sipchem)

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Middle East Teams 2016

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Saudi International Petrochemical Company (Sipchem)

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Saudi International Petrochemical Company (Sipchem) has recently taken proactive steps to reinvigorate its operations in the wake of falling profits caused by low commodity prices. A major part of this strategy has involved the issuance of Sukuk sharia-compliant bonds worth SAR 1.8bn, which will provide capital for further investment and expansion, as well as satisfying existing business obligations. Ensuring the company and its bond structures are sharia-compliant is an important task for the legal team that, if done incorrectly, could lead to reputational damage to the firm. The company has also agreed a three year contract with Jacobs Engineering Group for them to provide engineering services at Sipchem’s facilities at Jubail Industrial City. Headed by general counsel-legal and compliance Keith Hutton, the legal department at Sipchem has overseen these developments, in which Sipchem looks to protect its operations in the competitive Saudi petrochemical industry. Hutton is a Sipchem veteran, having been at the company since 2005, and has seen the company expand extensively during this period.

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