Sabic will hold a 35 per cent stake, Kayan will own 20 per cent and the remainder will be sold through an initial public offering (IPO), expected to take place during the third quarter. Gulf International Bank is the financial adviser on the IPO while Arab Banking Corporation, BNP Paribas and Samba Financial Group are advising on the project financing of the complex, which will comprise a 1.3 million-tonne-a-year cracker and a range of downstream units (MEED 21:4:06).

The local Project Management & Development Company is the main shareholder in Kayan. It signed a memorandum of understanding with Sabic to partner on the long-awaited project in late January (MEED 3:2:06).