Saudi Arabia plans two new petrochemical complexes
Sun Apr 16, 2006 8:45am ET
RIYADH, April 16 (Reuters) - Saudi Arabia said on Sunday it would set up two petrochemical complexes worth 23 billion riyals ($6.1 billion) in the industrial hubs of Jubail and Yanbu.
An equity stake in both projects will be floated on the Saudi bourse, the oil ministry said in a statement.
The Jubail complex will be set up by four firms from Europe, Japan, the United States and Saudi Arabia, the statement said.
"The (Jubail) complex will include ... several plants and new petrochemical products ... used to make several finished products," it said.
The statement did not give any details about the partners and did not say if the Yanbu complex would have foreign investors.
A source from Saudi petrochemical giant Saudi Basic Industries Corp. (SABIC) said: "We have not heard of the two projects".
The two plants will get their feedstock of ethane, propane, butane and natural gas from the ministry.
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