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Ikarus is an investor in the Middle East energy industry. Led by a team of experienced industry professionals, the company is a major shareholder in a growing portfolio of petrochemicals manufacturing operations. Ikarus brings a world of energy expertise to a region that is fast becoming the global powerhouse for energy & petrochemicals production. Incorporated in the State of Kuwait, Ikarus was listed on the Kuwait Stock Exchange in 2008.
Ikarus was founded by National Industries Group (NIG), the oldest and largest public sector industrial company in Kuwait. NIG retains a major shareholding in the company, giving Ikarus a solid financial backing. More details of our parent company can be found at www.nigroup.net
Ikarus hold major shares in several leading petrochemical manufacturers including:
Sipchem
Sipchem is one of the largest private sector petrochemicals manufacturing companies in Saudi Arabia. Sipchem's product slate includes Methanol and Derivatives, Carbon Monoxide, Butanediol and solvents. Sipchem is also planning a major Ethylene derivatives project in the kingdom. Full details of Sipchem can be found at www.sipchem.com
International Acetyl Co.
This Sipchem subsidiary operates a 460,000 tonnes/year Acetic Acid unit. The plant is integrated into
Sipchem’s Methanol and Carbon Monoxide streams and started production in 2009.
Acetic Acid is an intermediate in the manufacture of a wide range of products including adhesives,
synthetic fibres and films.
International Vinyl Acetate Co.
IVAC commissioned its 330,000 tonnes/year Vinyl Acetate Monomer plant in 2009. The unit is integrated into Sipchem’s Acetic Acid plant, giving it a highly competitive cost base. VAM is the basis for a variety of materials for the construction sector including resins, coatings and adhesives.
Tasnee
Located in Saudi Arabia Tasnee is a major producer of Polypropylene. The company is also the biggest shareholder in Cristal, one of the World’s leading producers of Titanium Dioxide. Tasnee was the first joint stock industrial company in the kingdom, and was founded in 1985. Tasnee is continuing to grow, and in 2008 the company commissioneda major new integrated Polyethylene facility. A full profile of Tasnee and its operations can be found on www.tasnee.com
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