The Custodian of the Two Holy Mosques expresses his appreciation of Saudi Aramcos accomplishments

Applauding Saudi Aramco for its hard work and diligence, King Fahd ibn ‘Abd al-‘Aziz Al Sa’ud, Custodian of the Two Holy Mosques, sent a message of appreciation to Ali I.  l-Naimi, Minister of Petroleum and Mineral Resources. The message came in response to an earlier cable from Al-Naimi, telling of Saudi Aramco’s winning a number of regional and international prizes. In his message to King Fahd, Al-Naimi said that the various prizes, “awarded by external and impartial bodies, are evidence of Saudi Aramco excelling over similar international companies in performance.” Al-Naimi expressed pride in the Kingdom’s petroleum industry and applauded Saudi  Aramco for its work leading to regional and international prizes in contests sponsored by well-known international petroleum firms. President and CEO Abdallah S. Jum’ah expressed his and employees’ delight in the honor and trust King Fahd had conferred upon employees. He said the company is fortunate to have the persistent support and wise direction of the Kingdom’s leadership, which has enabled the company to excel in many respects, both regionally and internationally. “The competent people who do the work are the source of our pride,” he said. “They confront challenges in order to keep Saudi Aramco’s reputation sound within the international petroleum industry,” he said.

Jubail United Petrochemical Company
completes US$ 1.154 billion loan facility

Jubail - United Petrochemical
Company (UNITED), an affiliate of Saudi Basic Industries Corporation (SABIC), has completed the signing of a SR4.33 billion (US$1.154 billion) loan facility for construction of its manufacturing plants currently being built at its site in Al-Jubail Industrial City.
The loan was formally signed last week by a group of regional and international banks and an additional SR 1.5 billion (US$400 million) is being provided by the Saudi Public Investment Fund. Riyad Bank acted as agent for the loan and Gulf Internatinal Bank B.S.C acted as independent financial advisor. UNITED is the 17th and latest SABIC affiliate in Saudi Arabia and is due to start production in the second half of 2004. It will have annual production capacities of 1 million tons of ethylene; 575,000 tons of ethylene glycol and 150,000 tons of linear alpha olefins. The company also has a 50 percent stake in an 800,000 mt/y polyethylene plant being built at the neighboring SABIC affiliate in Jubail, PETROKEMYA (Arabian Petrochemical 
Company).

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