(Saturday May 6, 2006) SABIC affiliate, Yanbu National Petrochemical Company (YANSAB) held an Extraordinary General Assembly Meeting at the King Fahad Center of the Royal Commission for Jubail & Yanbu, under the leadership of Eng. Mutlaq Al-Morished, Vice President, Corporate Finance and YANSAB Chairman.

The General Assembly approved an amendment to Clause 1 of Para 2 of Article 21 of the corporate Articles of Association.

Also, the General Assembly approved amendment to Para 2 of Article 43. Furthermore, the General Assembly approved the basis of selecting members of the Auditing Committee and their term of office and the committee work procedure.

The YANSAB constituent assembly was held on February 1, 2006 and approved all agenda items including; verification of subscription in full capital, approval of the corporate articles of association, appointment of the first board of directors for a 5-year term of office, appointment of auditor as well as approval of the founders report on the works and foundation expenses.

SABIC owns 55 percent of YANSAB shares. A group of 17 national and regional establishments and companies own a further 10 percent. The remaining 35 percent is owned by Saudi nationals following the largest ever public offering process in the Saudi market.

YANSAB is scheduled to go on-stream by 2008 with an annual capacity exceeding 4 million metric tons of petrochemical products which will boost SABIC's contributions to the national development plans and enhance its competitive capabilities in global markets. The new complex will provide 1,500 promising jobs for Saudi nationals.

Othman Al-Humaidi
General Manager, Corporate Communications