(Riyadh, 20 February, 2007) SABIC affiliate, Yanbu National Petrochemical Company (YANSAB) reports SR 140.3 million net operating profits, for the period since its inception in February 2006, up to the end of the same year. The profit per share amounts to SR 0.25.

Mutlaq Al-Morished, SABIC Vice President Corporate Finance and Chairman of YANSAB said, “All construction contracts for the company’s complex were awarded early 2006. The implementation works are in progress, and according to schedule.

“Approximately 75% of engineering works have been completed, while the average completion of engineering, supply and construction works stood at 42%, in general, by the end of the year. The completion of all works and the commencement of operations are expected by mid 2008 which will be according to schedule.”

Al-Morished said that the company has provided the necessary funding requirements. This includes last year the company signing SR 13.125 billion financial facilities, including Islamic facilities exceeding SR 3 billion. Use of these facilities began in February, 2007.

SABIC owns 55% of YANSAB. A group of 17 local and regional companies owns 10% of the company's shares. Saudi citizens own 35%. The YANSAB complex, currently under construction at Yanbu Industrial City, is one of the world’s largest petrochemical complexes. YANSAB’s annual capacity which will exceed 4 million tons of petrochemical products, will enhance SABIC’s contribution to national development plans and strengthen its competitive position in the world markets.

Othman Al-Humaidi
General Manager, Corporate Communications