II, owned by SABIC and ExxonMobile with a total investment of SR9 billion and production capacity of 4 million tons annually of ethylene, polypropylene, polyethylene and ethylene glycol. Another project is the Industrial Gases National Company factory (second phase), owned 70 percent by SABIC and 30 percent by a group of national companies for a capital investment of SR236 million and produces 900 tons daily of oxygen and nitrogen, which began operating this year. The crown prince will lay the cornerstone for Yansab, Yanbu National Petrochemical Company which is owned 55 percent by SABIC and 10 percent by 17 Saudi and Gulf companies; 35 percent of the capital will be floated in an IPO. The investment in this project is SR19 billion and will have a production capacity of over 4 million tons annually of ethylene, propylene, polyethylene, polypropylene, ethylene glycol, benzene, toluene, butane, and zaylene. It will be completed by the end of 2007 and will employ 1500. In addition to laying the cornerstones for RC's and SABIC's projects, the crown prince will also open a number of private sector factories by the private sector operating at Yanbu Industrial City at a total cost of SR14 billion. The private sector investments also include both residential and commercial projects.
