The National Petrochemicals Company (Yansab), a new joint stock company initiated by Saudi Basic Industries Corp. (SABIC), will supply four million tons of petrochemicals including ethylene, propylene, polyethylene and ethylene glycol, a press statement by SABIC said. SABIC is now in the process of establishing the company, with a fully paid-up capital of SR5.625 billion, at Yanbu Industrial City. It has allowed its partners in the affiliates Bin Rushd and Taif to hold 10 percent of Yansab shares. Other partners include Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Saudi Arabian Fertilizer Company (SAFCO), Arab Petroleum Investments Corporation (APICORP) and General Organization for Social Insurance (GOSI). "SABIC plans to obtain the necessary approvals as required by law to float 35 percent of Yansab's capital for public subscription," the statement said, adding that SABIC would hold 55 percent of the paid-up capital.
