Saudi King lays stones for USD21.7b SABIC projects

03 Aug 2013

(MENAFN) Saudi King Abdullah bin Abdulaziz has laid foundation stones of USD21.7 billion projects for the Saudi Basic Industries Corp. (SABIC), Arab News reported.

The projects launched for the Jubail Industrial City include a complex of the Saudi Kayan Petrochemicals (Saudi Kayan), a unit of SABIC, and expansion of the National Natural Gas Company of (GAS), expansion of Hadeed, and tri-ethyl aluminum project, Ideal Consumption of power in Al-Bayroni and logistic facilities at sea port.

SABIC’s own projects include the Saudi project for industrial rubber in the Saudi Jubail Petrochemical Co. (Kemya), pavement work at the port for petrochemical projects, polyoxymethylene project of the National Methanol Company (Ibn Sina) and a project in Arabian Petrochemical Co. (Petrokemya,) a fifth plant at the Saudi Arabian Fertilizer Company (SAFCO) in addition to a residential project for SABIC at the Jalmouda district.

The new Yanbu projects include launch of the SABIC employees’ residence project at the Mushayrif district besides laying of foundation stone for one of the Ibn Rush Fiber company’s projects.

The two industrial cities of Jubail and Yanbu have a combined population of 300,000 people and employ more than 175,000 workers in 600 factories manufacturing 92 basic products.

The total investments in the factories are estimated at USD206.88 billion with foreign investments accounting for 37 percent to USD71.7 billion of the total investments.