Sipchem announced that it has signed a hydrogen supply agreement with SASREF. Based on the agreement, Sipchem will supply SASREF with hydrogen gas, which is required for its future operations starting 2020 for an initial term of 20 years. The agreement was signed by Abdullah Al Saadoon, CEO of Sipchem, and Hussain Al Qahtani, president of SASREF. The agreement is expected to have a positive impact on the company’s financial position starting 2020, as it will enable Sipchem to continue utilising all the available resources to maximise the added value of the company’s products and enhance its revenues. Al Saadoon added that this agreement is a result of an ongoing collaboration between the companies since the signing of the CO2 supply agreement in 2017. (Tadawul)
 
Sipchem: SAR21.40 as of 3 Jun. 2019, Rating: Buy, TP: SAR26.00/share, MCap: USD2,092mn, SIPCHEM AB/2310.SE