APIC '06: Saudi Kayan IPO by year end - al-Mady

12 May 2006 13:49  [Source: ICIS news]

BANGKOK (ICIS news)--The $5-5.5bn Kayan project in Saudi Arabia was likely to see a public offering by the end of the year, Saudi Basic Industries (Sabic) chief executive officer Mohamed Al-Mady said on Friday.

The plan is to raise 45% of the company’s Riyal12bn ($3.2bn) capital which would leave Sabic as the majority shareholder with 35% while the project’s original owners will have 20%.

The Kayan complex will be located in Al-Jubail industrial city with an annual production capacity exceeding 4m tonne of petrochemical and chemical products. Al-Mady was speaking at the sidelines of the 27th Asian Petrochemical Industry Conference (APIC).

It is designed for industrial production of specialised chemicals that have not been made in Saudi Arabia before, including aminoethanols, aminomethyls, dimethylformamide, choline chloride, dimethylethanol, phenol, dimethylethanolamine, ethoxylates, cumene and polycarbonate.

It will also make ethylene, propylene, polypropylene, ethylene glycol, butene-1 and other products.

By: Michael Urquhart
+65 6789 8828

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