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SAUDI KAYAN awards two contracts for the construction of phenolics and polycarbonates projects at Jubail Industrial City

SABIC affiliate, SAUDI KAYAN, has signed two letters of award with the first contract being awarded to TECNICAS REUNIDAS GROUP to construct a Phenolics Plant, to produce 240 kta of Bis-Phenol A.

The second contract was awarded to DAELIM Industrial Co, Ltd. to construct a Polycarbonate (PC) plant to produce 260 kta of PC.

The letters of award were signed by Mr. Abdullah S. Al-Rabeeah, President of SAUDI KAYAN. Mutlaq Al-Morished, SABIC Vice President Corporate Finance and Chairman of SAUDI KAYAN explained that the company plans to go live in 2009 with an annual capacity exceeding 4 million tons of varied petrochemical products.

"These products will strengthen SABIC's competitiveness, introduce specialty products for the first time in Saudi Arabia, provide wide opportunities for the growth and diversity of national downstream industries and create promising job opportunities for Saudi citizens."

SAUDI KAYAN is currently under construction. SABIC holds 35 percent of the company's capital of SR 15 billion and the Kayan Petrochemical Company holds 20 percent. The remaining 45 percent will be offered for public subscription.

About SABIC:

Saudi Basic Industries Corporation (SABIC) is the largest public company in the Middle East, ranked by market capitalization (more than US$ 70 billion), and one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers as well as the fourth largest polymer producer.

SABIC's profit rose to a record SR 19.2 billion (US$ 5.1 billion) in 2005, a 35% increase on 2004 and the company's highest profit since inception. Sales revenues for 2005 totaled SR 78.3 billion (US$ 20.8 billion), making SABIC the largest and most profitable public company in the Middle East.

SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialized Products, Polymers, Fertilizers and Metals. The company has significant research resources and has dedicated Research and Technology centers in Riyadh, Geleen in the Netherlands, Houston USA and Vadodara in India. SABIC has more than 17,000 employees worldwide.

SABIC has two large production sites in Saudi Arabia - in Al-Jubail and in Yanbu - comprising 18 world-scale complexes. Some of these complexes are operated with multi-national joint venture partners such as Exxon Mobil, Shell and Mitsubishi Chemicals. SABIC's overall production capacity has increased from 35.4 million metric tons in 2001 to 46.7 million metric tons of production in 2005.

Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70% of SABIC shares with the remaining 30% held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.

SABIC Europe, headquartered in Sittard, the Netherlands, employs nearly 2,450 people and operates two petrochemical production sites in Geleen, the Netherlands and Gelsenkirchen in Germany for the production of polypropylenes, polyethylenes and liquid hydrocarbons. These are marketed by its European network of sales offices and logistical hubs. In 2005, SABIC Europe produced 2.5 million metric tons of polyolefins and 3.1 million metric tons of basic chemicals, mainly for the European market.



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