Saudi Basic Industries Corporation (SABIC) is in process of finalizing the establishment of its new joint stock petrochemicals company, Yansab, which will ultimately produce four million tons of petrochemicals a year, including ethylene, propylene, polyethylene and ethylene glycol. The new company will be based in Yanbu Industrial City, and have a fully paid-up capital of SR5.63 billion [US$1.5 billion]. SABIC will hold 55 percent of the shares; 10 percent will go to SABIC affiliates Bin Rushd and Taif; and 35 percent will be offered for public subscription.

SABIC’s partners in the deal are the Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO), Saudi Arabian Fertilizer Company (SAFCO), Arab Petroleum Investments Corporation (APICORP) and the General Organization for Social Insurance (GOSI).

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