StOrMtRoOpEr
20-09-2007, Thu 3:29 AM
الاكتتاب بيكون بمبلغ 3 مليار دولار قبل نهاية السنه !
Kuwait News Agency (KUNA)) An oil refining and petrochemical company set up jointly by Japan's Sumitomo Chemical Co. and Saudi Arabian Oil Co. (Saudi Aramco (javascript:doCorpInfoSearch('Aramco'))) on the western coast of the Red Sea aims to raise at least USD 3 billion to finance its operations via an initial public offering (IPO) by the end of the year, a leading Japanese business daily reported Wednesday.
The IPO, which would be the largest ever conducted in the Arabian Gulf States, is intended to cover the remaining costs, the Nikkei Shimbun said.
Rabigh Refining and Petrochemical Co. (Petro Rabigh), equally owned by Sumitomo Chemical and state-owned Saudi Aramco (javascript:doCorpInfoSearch('Aramco')), earlier estimated its total operational costs at USD 4.3 billion, but surging materials prices have pushed up the figure to USD 9.8 billion, according to the daily.
The joint venture has already raised USD 5.8 billion in loans from about 20 banks, including the Japan Bank for International Cooperation.
Petro Rabigh is building one of the largest oil refining and petrochemical complexes in the world, with Saudi Aramco (javascript:doCorpInfoSearch('Aramco')) to supply crude oil and natural gas at relatively low prices.
The venture will use the materials to annually produce 1.3 million tons of ethylene, 900,000 tons of propylene, and 2.4 million tons of petrochemical products such as polyethylene.
Petro Rabigh has apparently filed an application seeking approval for the IPO from Saudi authorities.
Last year, Saudi Aramco (javascript:doCorpInfoSearch('Aramco')) unveiled a plan to offer 25 percent of the joint venture's outstanding shares for public subscription, but it is expected to consult with Sumitomo Chemical before the actual figure is set.
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093167142
Kuwait News Agency (KUNA)) An oil refining and petrochemical company set up jointly by Japan's Sumitomo Chemical Co. and Saudi Arabian Oil Co. (Saudi Aramco (javascript:doCorpInfoSearch('Aramco'))) on the western coast of the Red Sea aims to raise at least USD 3 billion to finance its operations via an initial public offering (IPO) by the end of the year, a leading Japanese business daily reported Wednesday.
The IPO, which would be the largest ever conducted in the Arabian Gulf States, is intended to cover the remaining costs, the Nikkei Shimbun said.
Rabigh Refining and Petrochemical Co. (Petro Rabigh), equally owned by Sumitomo Chemical and state-owned Saudi Aramco (javascript:doCorpInfoSearch('Aramco')), earlier estimated its total operational costs at USD 4.3 billion, but surging materials prices have pushed up the figure to USD 9.8 billion, according to the daily.
The joint venture has already raised USD 5.8 billion in loans from about 20 banks, including the Japan Bank for International Cooperation.
Petro Rabigh is building one of the largest oil refining and petrochemical complexes in the world, with Saudi Aramco (javascript:doCorpInfoSearch('Aramco')) to supply crude oil and natural gas at relatively low prices.
The venture will use the materials to annually produce 1.3 million tons of ethylene, 900,000 tons of propylene, and 2.4 million tons of petrochemical products such as polyethylene.
Petro Rabigh has apparently filed an application seeking approval for the IPO from Saudi authorities.
Last year, Saudi Aramco (javascript:doCorpInfoSearch('Aramco')) unveiled a plan to offer 25 percent of the joint venture's outstanding shares for public subscription, but it is expected to consult with Sumitomo Chemical before the actual figure is set.
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093167142