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SA to issue petrochemical shares worth SR 22.5bn
13 Jun '05
1 min read
Saudi Arabia announced that it plans to offer shares worth SR22.5 billion in petrochemical and mining companies as it wish that citizens also take part in such firms.
Ali Al-Naimi Minister of Petroleum and Mineral Resources informed that the ministry is on a verge of signing the agreements with companies to launch petrochemical projects.
Al-Naimi informed that initially the shares worth SR10 billion would be offered to Saudi investors. He said the stock offerings would be followed after getting approval from the Capital Markets Authority and completing official courses.
Al-Naimi's informed that the efforts are under way to set up new petrochemical projects to produce polyethylene, propylene polypropylene, polystyrene, glycol ethylene, methanol, butane and other products.
However, Al-Naimi did not named the projects that would float public issues.
Ali Al-Naimi Minister of Petroleum and Mineral Resources informed that the ministry is on a verge of signing the agreements with companies to launch petrochemical projects.
Al-Naimi informed that initially the shares worth SR10 billion would be offered to Saudi investors. He said the stock offerings would be followed after getting approval from the Capital Markets Authority and completing official courses.
Al-Naimi's informed that the efforts are under way to set up new petrochemical projects to produce polyethylene, propylene polypropylene, polystyrene, glycol ethylene, methanol, butane and other products.
However, Al-Naimi did not named the projects that would float public issues.
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