Saudi Kayan sees progress on Al-Jubail complex

21 April 2008 11:12  [Source: ICIS news]

DUBAI (ICIS news)--Saudi Kayan Petrochemical Co (Kayan) has awarded all the contracts to build its mega petrochemical complex, the company said in statement published on Sunday.

The company has completed 73% of its project, which is expected on stream in the second half of 2008, said CEO Mutlaq bin Hamad al-Morished, while 31% of the engineering, procurement and construction (EPC) work has been completed.

Kayan is set to sign a Saudi riyals (SR) 22.5bn ($6bn) loan, up from previous requirements of $4bn, with a group of banks during the second quarter of 2008, the CEO added.

The company is building many units to produce 6m tonnes/year of petrochemical products including ethylene, propylene, monoethylene glycol (MEG), polypropylene and other products.

Saudi Basic Industries Corp (SABIC) is the main shareholder with a 35% stake and Al-Kayan Petrochemical Company holds 20% of the share. While 45% share is publicly traded on the Saudi stock exchange.

($1 = SR3.75)

By: Abdelghani Henni
65 6780 4359

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