SABIC mulls investment in petrochem complex

The Saudi Basic Industries Corporation (SABIC) is planning an investment in a petrochem complex in Yanbu Industrial City. SABIC plans to lead a group of Saudi industrialists to establish group one of the largest petrochemical complexes at an investment estimated to be around US$2.9 billion. Th complex will produce 3.8 million tons of petrochemicals such as ethylene, ethylene glycol, polyethylene and polypropylene. SABIC plans to approach Saudi Arabian companies to participate as stock holders in the Yanbu National Petrochemical Co. SABIC plans to offer at least 30% of the stocks to the general public, which would amount to about US$266 million.
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