The Kayan IPO will see 45 per cent of Kayan listed locally, with Sabic to hold 35 per cent and Kayan, the project company majority owned by the local Project Management & Development Company, to hold 20 per cent. ‘This [IPO] is going to be finished maybe by the end of the year,’ Al-Mady said.

Al-Mady said that all agreements already reached by Kayan would remain in place. ‘We have to continue with the commitments that have been made so far,’ he said. The US’ Fluor Corporation is the project management consultant (PMC) and is in advanced talks for the award of the contract to build the complex’s large-scale utilities and offsites. Gulf International Bank is the financial adviser on the IPO; Arab Banking Corporation, BNP Paribas and Samba Financial Group are advising on the project financing of the complex (MEED 3:3:06, Banking & Finance).

The Kayan complex, one of the largest planned in the kingdom, will comprise a 1.3 million-tonne-a-year cracker and downstream units, including ethylene oxide, ethylene glycol, polyethylene, polypropylene and specialty products such as dimethyl formamide and polycarbonates. The new company will be capitalised at SR 12,000 million ($3,200 million).In a move to expand its regional presence, Sabic on 23 May opened an office in Cairo.