2002 News Story

New petrochemical complex scheduled to open 2006

A management team is being sent for training in the United States in connection with the new petrochemical complex that is scheduled to open in 2006 in Jubail Industrial City on the Arabian Gulf.  The team will study the scientific and technical requirements of the project, part of a joint venture between the Saudi Industrial Investment Group and Chevron Philips International, to be financed by the Industrial Development Fund conditionally on thirty percent of the production being marketed locally with the rest exported to Gulf and then to international markets. The Saudi Industrial Investment Group, a joint stock company comprising 78 Saudi businessmen plus seven foreign companies, is currently producing at its Jubail plant aromatic benzene, an important component in gasoline manufacture. It uses Chevron's aromatics technology to produce 480,000 tons of aromatic benzene annually as well as 370,000 tons of gasoline.