Saudi Arabia announced yesterday that it would float shares worth SR22.5 billion in petrochemical and mining companies as part of its efforts to increase the participation of citizens in such firms. In a report published today, Arab News quoted Petroleum and Mineral Resources Minister Ali Al-Naimi as saying his ministry had already reached an agreement with companies implementing petrochemical projects to float part of their shares for public subscription. In the first such move, he said, shares worth SR10 billion will be offered to Saudi investors. He said the stock offerings would be made after receiving approval from the Capital Markets Authority and after completing official procedures. Naimi's statement comes as efforts are under way to establish a number of new petrochemical projects to manufacture polyethylene, propylene polypropylene, polystyrene, glycol ethylene, methanol, butane and other products. The ministry has been studying additional petrochemical and mineral projects that could lead to the flotation of shares worth SR12.5 billion. --MORE 1022 Local Time 0722 GMT
