Yansab receives SR4 bln PIF loan

18-Jan-06

Yanbu National Petrochemicals Company (Yansab), that plans to establish one of the world's largest petrochemical complexes with an annual capacity exceeding 4 mln tons of secondary petrochemicals at an investment of SR18.26 billion, will receive a loan of SR4 billion from the Public Investment Fund. Yansab, an affiliate of Saudi Basic Industries Corporation (SABIC owns 55% of Yansab shares), recently offered 35% of its shares (39 million shares) worth SR2 billion in a major IPO, and raised SR5.91 billion from 7.9 million Saudi buyers. The complex, which will be operational by 2008, is part of SABIC's plan to reach a total annual capacity of 60 million tons including 1.3 million tons of ethylene, 400,000 tons of propylene, 900,000 tons of polyethylene, 400,000 tons of polypropylene, 700,000 tons of ethylene glycol, 250,000 tons of benzene, xylene and toluene, and 100,000 tons of butane-1 and butane-2.