Saturday, Apr 03, 2010
0857 GMT [Zawya Dow Jones]--Shares in Saudi Basic Industries Corp., or Sabic, are trading up 1.01% at SAR100.50 after the company announced earlier Saturday that it started commercial operations of its expanded affiliate Eastern Petrochemical Co., or Sharq, on April 1. The expansion at Sharq will boost annual production at the complex to 5 million tons of petrochemicals. Saudi Kayan Petrochemical Co. rises 0.26% to SAR19.30 after its announcement that it will complete construction work for its low density polyethylene, or LDPE, plant at its Jubail complex in the first half of 2012. Kayan, also a Sabic affiliate, last week singed a $426 million contract with South Korea's Daelim Industrial Co. to design and build the plant. The Saudi market is up 0.45% at 6,831.40.
(oliver.klaus@dowjones.com)
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(END) Dow Jones Newswires
03-04-10 0857GMT
