[A-List] Example of Chinese Brutality

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

Chinese, Saudi groups to form new oil company

BEIJING - Three Saudi companies announced last week that they are about
to finalize the formation of a joint-stock petrochemical company with a
Chinese partner, Arab News reported. The announcement occurred just
before Saudi King Abdullah's state visit to Beijing
<http://atimes.com/atimes/Others/beijing.html>.

The Saudi group announced that part of the US$1.76 billion company's
capital will be offered in an initial public offering (IPO) and the rest
will be distributed among the three companies and their Chinese partner.
The three Saudi companies are MIDROC, Sara Development Co and House of
Invention (HOI) Co.

The new company is set to establish an $6 billion petrochemical complex
in the Jubail Industrial City, located in the Eastern Province (Ash
Sharqiyah) of Saudi Arabia, and is expected to create 2,500 new jobs for
Saudi nationals. The production capacity of the new complex is expected
to be two million tons of basic and secondary petrochemical products
annually.

(Asia Pulse/XIC)