Zamil
Group founds new petrochemical company
Posted: 2 March 2004
Zamil Group has taken the necessary steps to form the Sahara Petrochemical
Company which is capitalised at 1.5 billion Saudi Riyals (US$ 400
million).
The private placement of shares for the founders invited by the
Al Zamil Group was greatly over-subscribed; shares allotted to them
amounted to 1 billion Saudi Riyals.
The remaining share of the capital amounting to 500 million Saudi
Riyals will be offered to the public next month in a public offering
managed by The Consulting Center for Finance & Investment (CCFI)
in Riyadh.
The Chairman of the Al Zamil Group, Dr Abdul Rahman Al Zamil and
the President of CCFI, Dr. Abdul Aziz Al Dakhel on February 24,
2004 signed an agreement with Riyadh Bank, National Commercial Bank
and SAMBA authorising the banks to receive the public request for
shares.
Sahara Petrochemical will invest in two petrochemical projects
in Jubail. The first project will be a PDH 1 polypropylene project
in partnership with Basell. The second project will be an ethylene
complex including low density and high-density polyethylene production
in partnership with international and local companies.
Dr. Abdul Rahman Al Zamil said: “Saudi Arabia is an excellent
location for investment in petrochemicals, due to the plentiful
availability of natural resources such as natural gas. The country’s
strategic location at the juncture between east and west, and its
ability to serve both Africa and the Gulf also makes it an ideal
location for the production of these chemicals.”
Posted by Richard Price,
Editor Pipeline Magazine
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