His Highness Prince Saud Bin Thunayan Al-Saud, Chairman, Royal Commission for Jubail & Yanbu and Chairman, SABIC Board of Directors, inspected the YANSAB affiliate construction site at Yanbu Industrial City on 24 December, 2005.
Prince Saud and the accompanying delegation were welcomed by YANSAB President, Abdulrahman Al-Fageeh and a number of other YANSAB officials.
Prince Saud was briefed on the project's different construction phases then inspected the rapidly ongoing construction works. He said, “I am very satisfied with the progress of the construction work. This will ensure that this mega project is deemed a major addition and contribution to the global petrochemical industry as well as in the Kingdom of Saudi Arabia and to Yanbu Industrial City in particular.”
YANSAB is scheduled to go on-stream by 2008 with an annual capacity exceeding 4 million metric tons (MT) of petrochemical products, including 1.3 million MT of Ethylene, 400K MT of Propylene, 900K MT of Polyethylene, 400K MT of Polypropylene, 700K MT of Ethylene Glycol, 250K MT of Benzene, Toluene and Xylene compound and 100K MT of Butene-1 and Butene-2.
SABIC owns 55 percent of YANSAB shares. SABIC affiliates IBN RUSHD and TAYF with national and regional establishments and companies own a further 10 percent. The remaining 35 percent is currently being put to public offering which is set to end on Thursday, 29 December, 2005.
Riyadh based SABIC was established in 1976 to add value to Saudi Arabia's natural hydrocarbon resources. Today, SABIC is among the leading petrochemical companies in terms of sales and product diversity. SABIC is the Middle East's largest non-oil industrial company.
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