Yanbu - Custodian of the Two Holy Mosques King Abdullah inaugurated yesterday the SR20 billion Yanbu National Petrochemicals Co. (Yansab) with an annual production capacity of four million tons
of petrochemicals. The king also inaugurated SR574 million worth of projects for the Royal Commission for Jubail and Yanbu (RCJY) in attendance of King Hamad bin Isa Al Khalifa of Bahrain.
According to Saudi Press Agency, the other projects for Yanbu 2 Industrial City that the king opened included ones for infrastructure worth SR296 million; road and bridge projects worth SR133 million; educational facilities at a cost of SR145 million; developmental projects worth SR2 billion. The king also opened projects for Saudi Arabian Basic Industries Corporation (SABIC) for SR5.75 billion; an expansion project for electricity to generate 500 megawatts at a cost of SR3 billion; various industrial projects worth of SR7.25 billion; and private projects valued at SR5.5 billion.
King Abdullah approved the construction of an integrated water desalination project with a capacity of producing 550,000 cubic meters of water and 1,700 megawatts of electricity at a cost of SR14 billion to meet the requirements of Madinah.
The SR210 million airport will have modern aviation and passenger facilities for 600,000 travelers annually, Chairman of the General Authority for Civil Aviation Abdullah Ruhaimy said. After the function, King Abdullah and King Hamad went in a procession to the Yanbu Industrial City.
Speaking on the occasion, Prince Saud said the Kingdom has succeeded in warding off the negative effects of the global economic crisis under the leadership of King Abdullah.
He added that the right investment in the human and material resources in the Kingdom made it possible to bring about an environment suited for the founding economic cities, advanced universities
and giant projects across the Kingdom. In his address, Mohamed Al-Mady, SABIC CEO and vice chairman, said that through Yansab his company is implementing a strategy of diversification of its products to meet the increasing global demand for petrochemicals.