Sadara Chemical Company is planning to float shares on the Saudi Stock Exchange (Tadawul) in the next 12 months, according to a manager from the group.
Sadara Chemical, which is building the region’s largest integrated petrochemicals complex in Jubail, is a 50:50 joint venture between Saudi Aramco and US petrochemicals major Dow Chemical.
“Later this year or early next year we will float some of the shares on the Saudi Stock Exchange, so the percentages will change,” Sadara’s Value Park manager Mohammad al-Azzaz told the MEED Middle East Petrochemicals conference in Dubai.
Saudi Aramco has also started marketing a sukuk (Islamic bond) that could be up to $2.5bn as part of the financing package for the $20bn Sadara megaproject.
When complete, the complex will have a capacity of about 8 million tonnes a year (t/y) and will be constructed at Jubail Industrial City 2, the new extension to the region’s largest industrial city. Sadara is aiming to complete the project by 2016.