The LOI was signed by and between Mr. Abdullah S. Al-Rabeeah, President of Saudi KAYAN and Mr. Collins Mackenzie, Flour's Vice President, Middle East Operations.
Saudi Kayan plans to operate a mega petrochemical complex with an annual capacity exceeding 4 million metric tons of chemical products. It will add some specialized chemicals to the Saudi marketplace that will be produced in Saudi Arabia for the first time.
SABIC holds 35 percent of the company's capital of SR 12 billion and Saudi Kayan holds the remaining 20 percent. 45% will be offered for public subscription.
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Sabic affiliate Saudi Kayan Company signs a letter of intent (LOI) with Fluor Company
- Saudi Arabia: Wednesday, June 28 - 2006 at 14:48
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The Saudi Kayan Petrochemical Company (under construction) today signed a Letter of Intent (LOI) with Fluor Company to construct off-site utilities for KAYAN's complex in Jubail industrial city in the Kingdom of Saudi Arabia.
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Posted by Lara Lynn Golden, News EditorWednesday, June 28 - 2006 at 14:48 UAE local time (GMT+4)
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Othman Al-Humaidi
General Manager, Corporate Communications
Saudi Basic Industries Corporation (SABIC) is the largest public company in the Middle East, ranked by market capitalization (more than US$ 150 billion), and one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers as well as the fourth largest polymer producer.
SABIC's profit rose to a record SR 19.2 billion (US$ 5.1 billion) in 2005, a 35% increase on 2004 and the company's highest profit since inception. Sales revenues for 2005 totaled SR 78.3 billion (US$ 20.8 billion), making SABIC the largest and most profitable public company in the Middle East.
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Polyolefins, PVC and Polyester, Fertilizers and Metals. The company has significant research resources and has dedicated Research and Technology centers in Riyadh, Geleen in the Netherlands, Houston USA and Vadodara in India. SABIC has more than 17,000 employees worldwide.
SABIC has two large production sites in Saudi Arabia - in Al-Jubail and in Yanbu - comprising 18 world-scale complexes. Some of these complexes are operated with multi-national joint venture partners such as Exxon Mobil, Shell and Mitsubishi Chemicals. SABIC's overall production capacity has increased from 35.4 million metric tons in 2001 to 46.7 million metric tons of production in 2005.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70% of SABIC shares with the remaining 30% held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
SABIC Europe, headquartered in Sittard, the Netherlands, employs nearly 2,450 people and operates two petrochemical production sites in Geleen, the Netherlands and Gelsenkirchen in Germany for the production of polypropylenes, polyethylenes and liquid hydrocarbons. These are marketed by its European network of sales offices and logistical hubs. In 2005, SABIC Europe produced 2.5 million metric tons of polyolefins and 3.1 million metric tons of basic chemicals, mainly for the European market.
General Manager, Corporate Communications
Saudi Basic Industries Corporation (SABIC) is the largest public company in the Middle East, ranked by market capitalization (more than US$ 150 billion), and one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers as well as the fourth largest polymer producer.
SABIC's profit rose to a record SR 19.2 billion (US$ 5.1 billion) in 2005, a 35% increase on 2004 and the company's highest profit since inception. Sales revenues for 2005 totaled SR 78.3 billion (US$ 20.8 billion), making SABIC the largest and most profitable public company in the Middle East.
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Polyolefins, PVC and Polyester, Fertilizers and Metals. The company has significant research resources and has dedicated Research and Technology centers in Riyadh, Geleen in the Netherlands, Houston USA and Vadodara in India. SABIC has more than 17,000 employees worldwide.
SABIC has two large production sites in Saudi Arabia - in Al-Jubail and in Yanbu - comprising 18 world-scale complexes. Some of these complexes are operated with multi-national joint venture partners such as Exxon Mobil, Shell and Mitsubishi Chemicals. SABIC's overall production capacity has increased from 35.4 million metric tons in 2001 to 46.7 million metric tons of production in 2005.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70% of SABIC shares with the remaining 30% held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
SABIC Europe, headquartered in Sittard, the Netherlands, employs nearly 2,450 people and operates two petrochemical production sites in Geleen, the Netherlands and Gelsenkirchen in Germany for the production of polypropylenes, polyethylenes and liquid hydrocarbons. These are marketed by its European network of sales offices and logistical hubs. In 2005, SABIC Europe produced 2.5 million metric tons of polyolefins and 3.1 million metric tons of basic chemicals, mainly for the European market.
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