Yanbu' National Petrochemicals Company (Yansab), which intends to establish one of the world's largest petrochemical complexes with an annual capacity exceeding four million tons of secondary petrochemicals, will receive a loan of SR4 billion from the Public Investment Fund. The fund's board of directors yesterday sanctioned the loan to finance the project at Yanbu-2 industrial city. The project is estimated to cost SR18.26 billion. Yansab, an affiliate of Saudi Basic Industries Corporation (SABIC), recently offered 35 percent of its shares or more than 39 million shares worth SR2 billion in a major IPO (Initial Public Offering), which attracted nearly half of the country's Saudi population. The IPO raised SR5.91 billion from 7.9 million Saudi buyers. --MORE 12 45 Local Time 09 45 GMT
