The company was established as a joint stock company according to kingdom regulations with commercial record number (1010139946) issued in Riyadh 1/1/1996 with a capital of (550,000,000) Saudi Riyal divided to (55,000,000) share with a face value of (10) Saudi Riyal per share. The capital increased through profit capitalization, and underwriting of rights issue since the company’s capital today reached (4,500) Million Saudi Riyal.
SIIG is one of the unique company’s in the field of improving, and developing the industrial base in the Kingdom, especially, the petrochemical industries, give the opportunity to the private sector to participate in other industries using the petrochemical industries. SIIG established a strong base for itself, represented in its strategic alliance with experienced partner in the field of petrochemical industries; strengthen its industrial and technical capabilities in this field, since Chevron Phillips Petrochemical Company represents a strategic alliance with SIIG. The starting point between SIIG and Chevron Phillips Petrochemical is Saudi Chevron Phillips, LLC, at Jubail industrial city, its capital comes to 655 Million Saudi Riyal, and the company started production in 2000 thru industrialization of benzene, cyclohexane, and motor gasoline blend. In extent of improving, and developing the investments plans in the field of this industry SIIG come up with the second part, which is Jubail Chevron Phillips project, in which its plant is adjacent to Saudi Chevron Phillips plant in Jubail. It is expected to start production of styrene and propylene in the second quarter, 2008.
SIIG aims to reinforce its current plant to produce hydrocarbonic and aromatic products through extending investment in the field of petrochemical industries, in addition to reinforcement of private sector investments on the same field. Under the concept of expansion, SIIG has a common strategically goal with Chevron Phillips related to development of its project ‘Saudi Polymers Company’, since it is planned to start producing ethylene, polyethylene, hexane, polypropylene, and polystyrene, SIIG owns this company indirectly, through possession of National Petrochemical Company, a new joint stock company owned by SIIG.