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Saudi Industrial Investment Group established a joint venture company

August 02/2011

(Platts) -- Joint stock company Saudi Industrial Investment Group, or SIIG, said Monday it has established a joint venture company dedicated to producing downstream petrochemical products.

The venture, called Petrochemical Conversion Company, or PCC, has been formed under a 50:50 partnership with the Arabian Chevron Phillips Petrochemical Company, the company said in a statement posted on the Saudi stock exchange Tadawul. A total of USD 2 bln will be invested in PCC over the next two years.

One of the first projects for the new company will be a nylon manufacturing plant, SIIG said. In addition, other downstream petrochemical plants will also be established under the joint venture, the company added.

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