New firm to support Saudi industrial sector
The Saudi Council of Ministers has disclosed a plan to establish a new industrial company that will provide operations and services to support the petroleum, petrochemical, desalination and power generation industries in the Kingdom.
According to Minister of Petroleum and Mineral Resources Ali I. Al-Naimi, the creation of the entity is in line with the government's policy of privatizing state-owned industries. The plant will produce materials that are currently imported into the Kingdom.
The government plans to hold a 40 percent in the new Industrialization and Energy Services Company, capitalized at 533 million Saudi riyals ($142 million). The government stakes will be represented by the Arabian Drilling Company and the Arabian Geophysical and Surveying Company.
The remaining 60 percent of the company’s capital will be held in cash shares by various national companies and establishments. The Council of Ministers has decided that part of the new company's capital will be introduced for public subscription. — (menareport.com)
© 2003 Mena Report (www.menareport.com)