(MENAFN - Arab News) The government plans to sell shares of Saudi Aramco Total Refining and Petrochemical Company (Satorp) and Sadara Chemical Company to citizens in an initial public offering, said Petroleum and Mineral Resources Minister Ali Al-Naimi.
"We'll sell part of Sadara and Satorp to citizens in the future at cost rate," the minister said after inspecting progress of work at the two projects.
The Satrop, a joint venture between Saudi Aramco and Total of France, involves a total capital investment of SR52.87 billion.
The initial stages of the project started in 2006, with construction commencing in 2010.
The world-class refinery, Satrop will process 400,000 barrels per day of Arabian Heavy crude oil into high-quality fuels.
It will also produce petrochemicals that can be feedstock for small- and medium-sized manufacturing businesses.
Saudi Aramco and the Dow Chemical Company established Sadara, a joint venture that will construct, own and operate a world-scale integrated chemicals complex in Jubail Industrial City II.
Sadara and the adjoining conversion parks will establish a world-scale manufacturing footprint that delivers a full range of value-added, performance products destined for the emerging markets of Asia, the Middle East and Africa.
Employing best-in-class technologies from Dow, the Sadara world-scale chemical complex will produce over 3.2 million tons of performance, value-added chemical and plastics products.
The minister, who was accompanied by top officials, also visited Jubail Energy Services Company.