As part of Saudi Arabia's expansion plans, backed by high oil revenues and stimulated by the need to diversify it economy to reduce dependence on crude exports, a petrochem venture has been planned. Al Khamasiah for Industrial Investment is to launch a 9.5 billion riyal (US$2.53 billion) petrochemical firm on the Gulf coast scheduled to start operating in 2009 in the industrial city of Jubail. The project is to be set up by Saudi investors offering approximately 40% of its equity to the public. It may also involve a foreign partner, while the Saudi Aramco is to provide the gas feedstock required. The five - party Industrial Investment Engineer has completed the development studies on the project.
Earlier this moth, Saudi Arabia had inaugurated major expansion project to help double investments at its Yanbu Red Sea industrial city to 200 billion riyals.
This is not the only project that will offer a stake to the Saudi investors. Saudi Aramco plans to grant shares in a planned joint venture export refinery in Yanbu. Aramco plans to offer an unspecified stake to the public in its joint venture with Sumitomo to upgrade the Rabigh refinery and build a petrochem planr. SABIC hopes to offer 35% of shares in its YANSAB subsidiary.
20-Jul-05 
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