JEDDAH, 25 January 2006 — Saudi Basic Industries Corp. (SABIC) and Kayan Petrochemicals Company have signed this week an initial Memorandum of Understanding appointing SABIC as a partner in Kayan project. According to the MOU, SABIC is required to review all works, studies, agreements and update the respective feasibility study in no later than two months. The two parties will enter into a final agreement should they agree upon the results.
SR969 Million in APTSCO’s IPO
JEDDAH, 25 January 2006 — Khaled Aldrees, the general manger of public relation at Aldrees Petroleum & Transport Services Company (APTSCO), announced that Saudi investors pumped SR969 million ($258 million) into his company’s initial public offering (IPO) in the first two days of the IPO. Aldrees said that more than 460,000 Saudis participated in the IPO and that the number of applications received by the IPO’s managing banks was more than 122,000 applications.
