Manufacturing a wide range of petrochemicals, the Riyadh-based company’s products include ethylene, propylene and derivatives, in addition to downstream products.
Saudi Basic Industries Corporation (SABIC) formed Saudi Kayan Petrochemicals Company in 2007 to produce chemicals for export at the Jubail Industrial City on the Kingdom’s east coast.
Saudi Kayan chairman Mutlaq Al Morished told reporters last month the company would start production at the end of 2010 at its new Al Jubail complex, which would be the world’s biggest ethylene-glycol plant.
It follows the company announcing in January it had secured a $533m loan from the Saudi Industrial Development Fund, enabling it to complete funding for the new petrochemical complex.
SABIC owns 35 percent of the company. A private shareholder, Al Kayan Petrochemical Company, holds a further 20 percent. The remaining 45 percent is held by Saudi shareholders following an initial public offering last year.