SABIC affiliate, Yanbu National Petrochemical Company (YANSAB) announced non-operating net loss of SAR 9.3 million for the 2Q 2007 compared to non-operating net profits of SAR 37.1 million reported for the same period in 2006. This is primarily due to drop in other revenues arising of investing paid capital from SAR 46.6, in 2Q 2006, to nil in 2Q 2007 as a result of utilizing the paid up capital for payment of constructing YANSAB’s petrochemical complex as planned while the G&A expenses virtually remains the same (SAR 8 million). Loss per share amounted to less than 2 HALALAH in 2Q 2007 compared to Earnings per Share (EPS) of 7 HALALAH in 2Q 2006.



Mutlaq AL-Morished, Chairman of YANSAB and SABIC Vice President, Corporate Finance said, “The project’s works are progressing well. Engineering and procurement works for most units are nearing completion. We are currently focusing on constructions on the job-site. Engineering work progress is estimated at 94% while overall project progress including engineering, procurement and construction is estimated at 68.% as at end of 2Q 2007. This quarter has seen a better than planned progress by 1%”.



“It is expected that project will be completed and the plant will go-live in 2Q 2008 as scheduled”.

YANSAB is one of the world's largest petrochemical complexes with an annual capacity exceeding 4 million metric tons of petrochemical products which will boost SABIC's contributions to national development plans and strengthen its competitive capabilities in the global markets.