RIYADH, 20 July 2005 — Saudi Arabia’s Ministry of Commerce said yesterday it had issued a license to establish a SR3.2 billion ($853 million) petrochemical company. The Kayan Petrochemical Company will be based in the capital Riyadh and invest in projects producing chemicals such as ethylene, propylene and ethylene glycol, the state news agency SPA said. Newspapers said on Monday that Saudi investors planned to set up a SR9.5 billion petrochemical firm on the Gulf coast and offer 40 percent of its equity to the public.