Yansab posts SR140.3m operating profit for 2006

21 February 2007 09:47  [Source: ICIS news]

SINGAPORE (ICIS news)--Yanbu National Petrochemical Co (Yansab) said it was on schedule to start commercial operations next year after announcing a Saudi Arabia Riyals (SR) 140.3m ($37.4m) net operating profit for 2006, late on Tuesday.

Yansab is an affiliate of Saudi Basic Industries Corp (SABIC).

"The completion of all works and the commencement of operations are expected by mid 2008, which will be according to schedule," Mutlaq al-Morished, chairman of Yansab said in a statement.

Around 75% of engineering works have been completed he added.

Yansab’s annual production capacity will exceed 4m tonnes/year making it one of the world’s largest complexes.

The company secured a package of loan contracts and facilities totalling $3.5bn for the construction using conventional and Islamic financial instruments.

($1 = SR3.75)

By: Matt Kovac
+65 6780 4359

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