RIYADH, — Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi said Sunday that the government has reached an accord with newly-formed petrochemical companies according to which part of these companies” stocks will be offered for public bidding.

The minister said the aim behind such a step was broadening public ownership of major petrochemical facilities in the Arab Gulf kingdom.

He added that these shares are estimated in value at SR 10 billion (USD 2.7 billion).

He also said that the government was studying new petrochemical projects which part of their shares can be offered for public subscription. He estimate the value of such shares at SR 12.5 billion or USD 3.3 billion.

Meanwhile, Minister of Commerce and Industry Hashim bin Abdullah Yamani issued a decision that allows the transformation of the &#34Basic Chemical Industries Company&#34 into a closed joint stock company, with a capital of SR 100 million or USD 26.6 million, the Saudi Press Agency reported Sunday.

The company will have 2 million shares, each worth SR50.