Saudi Arabia creates new petrochemical company

Saudi Arabia, the Middle East's largest petrochemical producer, has established a new petrochemical firm with a capital of $133 million. The Saudi-owned Asharq al Awsat newspaper, quoting an official statement, said Saudi Arabian Minister of Commerce Osama Faquih approved establishment of the National Petrochemical Industrialization Co., to manage, operate, and own petrochemical and chemical projects and market their products.


RIYADH�Saudi Arabia, the Middle East's largest petrochemical producer, has established a petrochemical firm with a capital of $133 million.

The Saudi-owned Asharq al Awsat newspaper, quoting an official statement, said Saudi Arabian Minister of Commerce Osama Faquih approved establishment of the National Petrochemical Industrialization Co., to manage, operate, and own petrochemical and chemical projects and market their products.

Saudi Arabia's National Industrialization Co. holds a 51% stake in the new firm. The remainder is held by the Gulf Investment Corp., Saudi Pharmaceuticals, and several local and gulf investors.

Meanwhile, the Saudi Basic Industries Corp. (SABIC) said its net profit in the first 9 months of this year reached $800 million, compared with $228 million in the same period last year. SABIC said its sales were valued at more than $4.8 billion dollars, up by 44% against the same period last year.

The rise in profit was due to an improvement in the prices of petrochemicals in the international market, the company said.

SABIC also said production volume increased over the first 9 months of this year to 20.7 million tons, up by 11% from last year. Of that, 16.2 million tons were sold, up by 7% from the same period in 1999.

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