Saudi petrochemicals group SABIC has signed a letter of intent with Norway's Aker Kvaerner and China Petroleum Corporation (SINOPEC) to build a polyolefins complex at the Red Sea site of Yanbu. No value has been specified for the engineering, procurement and construction contract for two units which, upon completion are to have a combined capacity of 800,000 tpa. The two units are to be part of SABIC's Yansab affiliate, which will produce around 4 million tpa petrochemicals. This is also a pioneering venture in Saudi Arabia to offer an IPO. SABIC plans to offer 35% of its shares in the complex to Saudi investors.
25-Jul-05 
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