Recently, Saudi Arabian Industrial Investment Group announced that it plans to acquire Saudi National Petrochemical Corporation. In 2012, it officially established a large-scale petrochemical company. The new company’s capital will reach US$1.2 billion. Saudi Industrial Investment Group currently has a market value of 3 billion U.S. dollars and an annual output of 1.3 million tons of petrochemical products. In 2010, its net profit was nearly 108 million U.S. dollars. With the rising prices of petrochemical products, the company expects the profit growth in 2011 will be more than 30%. Saudi National Petroleum Corporation has a market value of approximately US$2.9 billion and 50% of its shares are held by the Saudi Industrial Investment Group. The combined new company will become Saudi's third largest petrochemical company after Saudi Basic Industries Corporation and Saudi Kayan Petrochemical Company.

It is reported that with the fourth quarter of this year Saudi Arabia National Petrochemical Corporation and the United States Chevron Phillips Chemical Co., Ltd. spent 5.4 billion US dollars in cooperation in the construction of polymer materials plant put into operation, Saudi Industrial Investment Group's production capacity will be increased to 6 million tons. In addition, Saudi Industrial Investment Group is planning to further cooperate with Chevron Phillips Chemicals, spending 1.2 billion US dollars to build a large factory, using the company's petrochemical products to develop downstream industries, production of nylon and its derivatives. At present, the project plan has entered a specific design stage.

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