Saudi Basic Industries Corporation (SABIC) has announced that it is in the process of establishing a Joint-Stock Company named: The National Petrochemicals Company (YANSAB) with a fully paid-up capital of SR 5.625 billion, at Yanbu Industrial City. The company is the newest SABIC affiliate and is planned to produce 4 million MTY of Ethylene, Propylene, Polyethylene, Ethylene Glycol and other petrochemical products.

SABIC has allowed its partners in the affiliates IBN RUSHED and TAIF to hold 10% of YANSAB shares. The partners have made their contributions as follows:
1. Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) 1.9043%, value of shares SR 107,115,000
2. Saudi Arabian Fertilizer Company (SAFCO) 1.6872%, value of shares SR 94,905,000
3. Arab Petroleum Investments Corporation (APICORP) 1.5764, value of shares SR 88,670,000
4. Gulf Investment Corporation, 0.8896%, value of shares SR 50,040,000
5. General Organization for Social Insurance (GOSI) 0.7882%, value of shares SR 44,335,000
6. Saudi Industrial Development Co. (SIDC) 0.7129%, value of shares SR 40,100,000
7. United Gulf Manufacturing Company (UGUC) 0.4112, value of shares SR 23,130,000
8. National Industrialization Company (TASNEE) 0.3959%, value of shares SR 22,270,000
9. Arabian Industrial Development Company (Nama) 0.3565%, value of shares SR 20,050,000
10. National Industrial Gas Company (GAS) 0.3153%, value of shares SR 17,735,000
11. Saudi Advanced Industries Company, 0.2852%, value of shares SR 16,040,000
12. Al Hasa Development Company, 01904%, value of shares SR 10,710,000
13. Saudi Industries Development Company (Tatweer) 0.1975%, value of shares SR 11,110,000
14. Alujain Corporation, 0.0515, value of Shares SR 2,895,000
15. Medinah Industrial Investments Company, 0.0266, value of shares SR 1,500,000
16. Saudi Industrial Trading Agencies Company, 01985%, value of shares SR 11,165,000
17. Saudi Ceramic Co. 0.0129%, value of shares SR730,000
Total: 10%, SR 562,500,000

SABIC plans to obtain the necessary approvals as required by law to float 35% of capital for public subscription. SABIC will hold 55% of the paid-up capital.

Mohammad S Al-Motawa
General Manager, Corporate Communications