Saudi International Petrochemical Company (Sipchem) [2310.SE] has signed a SAR542.6mn Engineering, Procurement and Construction (EPC) contract with eTEC, a Korean Company, to fulfill the energy intensity requirements from the Saudi Energy Efficiency Center (SEEC) on its methanol facility. Based on the release, the process improvements will not impact the existing methanol operations and the company expects the improvements to enhance the operational performance of the plant. The company added that the project will start on 8 December 2016 and that it would be completed by 4Q18. It is worth noting that the methanol facility is owned by International Methanol Company (IMC), in which Sipchem owns 65%. (Tadawul)     SIPCHEM: SAR17.02 as of 11 December 2016, Rating: Neutral, TP: SAR14.00 per share, MCap: USD1,664mn, SIPCHEM AB / 2310.SE