Jul '09
Mutlaq Al-Morished, YANSAB Chairman and SABIC Vice President, Corporate Finance, stated that the YANSAB complex, which comprises eight world-class plants, will add a total annual capacity of more than four million metric tons of petrochemical products, including 1.3 million tons of ethylene, 400,000 tons of propylene, 800,000 tons of polyethylene (both low- and high-density), 400,000 tons of polypropylene, 770,000 tons of ethylene glycol, in addition to 250,000 tons of benzene, and a mix of Xylene and toluene, 100,000 tons combined of butane-1 and butane-2, and 25,000 tons of MTBE.
Al-Morished added that YANSAB applies the latest state-of-the-art global technologies for the operation of its petrochemical complex, some of which will be introduced for the first time in the Kingdom. The complex produces olefins, aromatics, oxygenates and various polymer products that are used in plastic industries around the world.
YANSAB is a Saudi joint-stock company formed under the laws of the Kingdom of Saudi Arabia on February 11, 2006. It obtained industrial licensing on September 1, 2005 in order to run its manufacturing business. YANSAB capital is SR 5.6 billion. SABIC owns 51 percent, while SABIC Industrial Investments company (SABIC's wholly owned affiliate) owns 4 percent. Additionally, 17 Saudi and Gulf-based companies own 10 percent of the capital, with the remaining 35 percent offered in an Initial Public Offering (IPO) for public subscription by Saudi nationals. The IPO allocation was completed on January 5, 2006.
Saudi Basic Industries Corporation
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