The Saudi Basic Industries Corporation has signed a letter of intent with Aker Kvaerner and Synobic companies to design, supply and establish the polymrat factories at Yanbu National Petrochemical Company at Yanbu Industrial City. A press statement published today said the production capacity of two units of the polymrat factories is 800,000 metric tons. 'Yansab' is SABIC's latest industrial complex, owned 55 percent by SABIC and 10 percent by 17 Saudi and Gulf companies; 35 percent of the capital will be floated in an IPO.
