Saudi Arabia’s King Abdullah will inaugurate Yanbu National Petrochemicals Co’s (Yansab) Monday, state media reported.
“The royal visit comes as part of the continuous follow-up by the Saudi leadership of developments in the twin industrial cities of Jubail and Yanbu,” Prince Saud bin Abdullah Al-Thunayan said. “King Abdullah gives the utmost importance to the two industrial cities as they play a big role in attracting domestic and foreign investment,” he added.
The new complex, with a production capacity of approximately 4 million tones per year, took nearly three years to construct. Its launch was delayed from 2008 to the second quarter of 2009.
Yansab, which is 51 percent owned by Saudi Basic Industries Corp (SABIC), cost SR18.5 billion (US$4.93 billion) to build. Its main products include ethylene, ethylene-glycol propylene and polyethylene. “The launch of mega-industrial projects in Jubail and Yanbu reflects the strength of the Saudi economy,” Prince Saud said.
© 2009 Mena Report (www.menareport.com)
Economy & Trade
