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SIIG starts Jubail Chevron Phillips Project
18
Aug '08
Saudi Industrial Investment Group (SIIG) would like to announce to its shareholders the startup of its second project, the Jubail Chevron Phillips Project, which will produce 750 kta of Styrene and kta of Styrene and 150 kta of Propylene. The project was built at a cost of SR 4.5 Billion.

The project expects to begin exporting shipments in September 2008, the period prior to the first shipment will be used to buildup inventory.

Production quantities will increase during the next three months until the facility reaches full capacity.

In 2001 both partners (Chevron Phillips Chemical and SIIG) agreed to execute a new project under the name of Jubail Chevron Philips with a total cost of SR4,500 million.

For purposes of funding the Jubail Chevron Philips project, the company increased the capital from SR550 million to SR1,200 million. This increases was covered by the current shareholders in addition to the Retirement Entitlements Fund entering a major shareholder.

Saudi Industrial Investment Group

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