The Saudi Kayan Petrochemical Company (under construction), an affiliate of Sabic, has signed a Letter of Intent (LOI) with Flour Company to construct off-site utilities for KAYAN's complex in Jubail industrial city in the Kingdom of Saudi Arabia. The LOI was co-signed by Abdullah S. Al-Rabeeah, President of Saudi KAYAN and Collins Mackenzie, Flour's Vice President, Middle East Operations. Saudi Kayan plans to operate a mega petrochemical complex with an annual capacity exceeding 4 million metric tons of chemical products. It will add some specialized chemicals to the Saudi marketplace that will be produced in Saudi Arabia for the first time. SABIC holds 35 percent of the company's capital of SR 12 billion and Saudi Kayan holds the remaining 20 percent. 45% will be offered for public subscription.
