PetroRabigh IPO price set at SR21 per share

17 December 2007 08:57  [Source: ICIS news]

DUBAI (ICIS news)--Saudi Arabia's Rabigh Refining and Petrochemical Co (PetroRabigh), a joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, said on Sunday that it has priced its initial public offer (IPO) at Saudi Riyal (SR) 21 ($5.67) per share.

The pricing values the 25% stake to be offered to investors at $1.2bn. The IPO, which is open to Saudi nationals, opens on January 5 and closes on January 12.

The PetroRabigh project is on track to go onstream in the fourth quarter of 2008 and is 83% completed, the company said in a statement.

PetroRabigh expects to export 70% of its product with the remaining 30% for use in domestic markets.

The joint venture earlier estimated its total operational costs at $4.3 bn, but surging materials prices have pushed up the figure to $9.8 bn.

($1 = SR3.74)

By: Abdelghani Henni
65 6780 4359

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