The Saudi Basic Industries Corp. (SABIC) has signed an agreement to establish Saudi Kayan Petrochemicals Company - an SR12 billion (US$3.2 billion) petrochemical company. 45% of the shares of the company will be offered to the public through an IPO, expected to be launched within three months. SABIC is to hold 35% stake in Saudi Kayan Petrochemicals Company, while SABIC's partner Kayan Petrochemicals will own 20%.
The new company, to be based in Jubail Industrial City, is designed to produce 4 million metric tpa of petrochemicals and chemicals and is expected to go on stream by 2009.
01-May-06 
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