Minister of Commence and Industry Dr Hashim Yamani approved the establishment of a petrochemicals company with capital estimated at SR1,500 million.
The Riyadh-based company will be concerned with investment in industrial projects, particularly projects for chemicals, petrochemicals and hydrocarbon products. A board of directors appointed by the company’s general assembly will manage company affairs.
Establishment of the Company is part of the Kingdom’s ongoing policy to broaden the country’s economic base and to encourage the private sector to contribute to the acceleration of economic development in the country.
Source: SPA
