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Saudi Industrial Investment Group posted USD 117.5m profits

August 11/2011

(Arabian Oil and Gas) -- Saudi Industrial Investment Group (SIIG) has posted USD 117.5m profits during the first seven months on 2011, a 188% increase compared to the USD 40.85m posted during the same period last year.

The company also said that it posted USD 16.13m profits during the month of July, compared to USD 4.03m losses for the same period year ago.

SIIG has three nearby operational downstream projects in joint venture with Chevron Philips including Saudi Chevron Philips which produces Benzene and Cyclohexane, Jubail Chevron Phillips which includes an olefins cracker that is integrated with world-scale Ethyl Benzene and Styrene production facilities, in addition to the National Petrochemical Company (Petrochem), which is under construction and set to produce 1,165 million tonne of ethylene and other olefins and polyolefins.

In addition, the company announced plans to establish a USD 533.3m joint venture with Arabian Chevron Phillips to produce nylon 6.6 slated for completion by 2013.

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