Mr. Mutlaq Al-Morished, Vice President, Corporate Finance, signed the agreement for SABIC and Mr. Zaki Al-Musa, Head of Senior Staff and General Manager, Human Resources, signed the agreement on behalf of SAMBA Group. The agreement was signed in the presence of Mohamed Al-Mady, SABIC Vice Chairman & CEO and Mr. Issa Al-Issa, SAMBA Managing Director & CEO.
YANSAB plans to commence production at its complex in 2008 with an annual capacity of 4 million metric tons (MT) of petrochemical products. It is currently under construction in Yanbu Industrial City. Products will include: 1.3 million MT of Ethylene, 400K MT of Propylene, 900K MT of Polyethylene, 400K MT of Polypropylene, 770K MT of Ethylene Glycol, 100K MT of Butene-1 and Butene-2, 250K MT of Toluene and Xylene and other world-class products.
These will provide the new company with the competitive capability to become a world leading petrochemical company. The new company will provide 1,500 job opportunities for Saudis in keeping with SABIC's strategic policy to attract, train and qualify Saudi employees.
YANSAB's output will bring new added-value to SABIC's contributions to national downstream growth as a major producer of polyolefins. This will also enhance SABIC's competitive capabilities in the global marketplace.
Sabic is active into manufacturing of chemicals and intermediates, industrial polymers, fertilizers and metals.
Saudi Basic Industries Corporation
marketing@alchempro.com
