Saudi Industrial Investment Group plans to enter a US$4.8 bln joint venture with Chevron Phillips. For this purpose, Saudi Industrial Investment Group plans to double its capital in early 2008 to set up a new petrochemicals firm - Petchem that will enter the JV. Saudi Industrial Investment Group plans to sell half the shares of Petchem, at 10 riyals each in an initial public offering (IPO) next year. Existing shareholders would be able to buy one of the new shares for each share they own.
Petchem will own 65% of the 18 billion riyal (US$4.8 billion) project to build a new petrochemicals complex in Saudi Arabia and the balance 35% will be controlled by Chevron Phillips. The new complex would begin operations in 2011.
17-Sep-07 
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