Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah Bin Abdul Aziz yesterday paid a visit to the site near the city of Madinah of the historic Battle of Badr, before proceeding to Yanbu to lay the foundation stones of a number of development projects.
Crown Prince Abdullah began his tour of SABIC plants at the Industrial City of Yanbu by inaugurating the new cement factory. The daily production capacity is 7,500 tons, to be added to the 4,500 tons produced by the existing factory. The complex now includes the two factories, two power stations, and a housing enclave. The Saudi workforce in the Saudi Cement Company is now 66.5 percent.
Tomorrow, Crown Prince Abdullah will inaugurate Yanbu's second oil refinery, which will have an annual production capacity of 2 million barrels, bringing the total production to 4 million barrels. The extra 2 million barrels will be exported.
Meanwhile, Saudi Basic Industries Corporation (SABIC) reported a profit of SR 535 million (U.S. $ 142.67 million) in the third quarter of 1999. This shows an increase that reflects the rise in prices of some of its strategic products, its program to reduce production costs, and a rise in the volume of sales.