The Saudi Public Investments Fund (PIF) will grant the Jubail Chevron Philips Company a 1.35 billion Saudi riyal ($360 million) loan. The company is scheduled to start production at its new plant by 2006, reported Arabic News.
Established in 1970 to finance public and private projects in Saudi Arabia, PIF has supplied more than SR 52.5 billion in funding to the Saudi Basic Industries Corporation, Saudi Aramco, Petromin and Saudi Arabian Airlines.
The Jubail Chevron Philips Company is joint venture between the US-based Chevron Phillips Chemical Company (CPChem) and the Saudi Industrial Investment Group (SIIG). Its Jubail plant will produce benzene, styrene, ethyl benzene and propylene with a total capital investment of approximately one billion dollars.
Houston-based Chevron Phillips Chemical, owned by the ChevronTexaco Corporation and Phillips Petroleum Company is a chemical products company and the world's largest producer and marketer of cyclohexane. SIIG is a consortium of Saudi businessmen and several Saudi public joint stock companies focused on industrial investment in the petrochemical industry in Saudi Arabia. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
