Saudi Polymers will construct and operate an integrated petrochemicals complex at al-Jubail, a Saudi Arabian industrial city located on the Persian Gulf. Once complete, Saudi Polymers will include a world-class olefins cracker, and will produce ethylene, propylene, polyethylene, polypropylene, polystyrene and 1-hexene. Saudi Polymers will begin construction in January 2008, with project completion expected in early 2011. Commercial production is scheduled to begin in September 2011.

JGC will perform the engineering, procurement and construction services for Saudi Polymer's 1.2 MM tpa cracker, 200 kta metathesis facility and 100 kta 1-hexene facility. The cracker and metathesis technologies will be provided by Lummus, and the 1-hexene technology provided by Chevron Phillips Chemical.

Daelim will provide engineering, procurement and construction services for Saudi Polymer's 2 x 550 kta polyethylene trains, 400 kta polypropylene train and 2 x 100 kta polystyrene trains.

Saudi Polymers Co. is a new limited liability company incorporated in the Kingdom of Saudi Arabia created to execute the NCP Project. Saudi Polymers will be initially owned 50 percent by Arabian Chevron Phillips Petrochemical Company Limited (ACP), a wholly-owned subsidiary of Chevron Phillips Chemical Co. LLC and 50 percent by Saudi Industrial Investment Group (SIIG). Ultimately Saudi Polymers Co. will be owned 35 percent by ACP and 65 percent by National Petrochemical Co. (Petrochem), a new joint stock company incorporated in the Kingdom of Saudi Arabia.

Saudi Polymers Co. will be the third petrochemical complex built by Chevron Phillips and SIIG at al-Jubail.

Chevron Phillips Chemical and its affiliates produce chemicals that are essential to manufacturing over 70,000 consumer and industrial products. The company has nearly $7 billion in assets and employs approximately 5,500 persons worldwide. The company is equally owned by Chevron Corp. and ConocoPhillips.

Saudi Industrial Investment Group is publicly traded on the Saudi stock exchange. It includes among its shareholders leading Saudi businessmen and several Saudi public joint stock companies focused on industrial investment in the petrochemical industry in Saudi Arabia. The Chairman of the group is Sheikh Abdulaziz Zaid Al-Quraishi. The group was originally founded in 1985 by the late Sheikh Ahmad Juffali as the Saudi Industrial Venture Capital Group (SIVCG).