InoChem was established in Yanbu Industrial City as a Closed Joint Stock Company on March 21, 2016, by a ministerial resolution by the H.E. Minister of Commerce and Investments, with a paid-up capital of 800,000,000 SAR in collaboration and partnership between the Saudi public and sophisticated private investors.
After the establishment, InoChem commenced work on the detailed technical and feasibility studies and upon completion, it was determined that it is strategically important for the project to be located near the feedstock and raw materials needed for the production process.
In late 2017, in collaboration with the Ministry of Energy, the project was relocated to be closer to the raw material sources in the Eastern Coast of Saudi Arabia and in Ras Al-Khair Industrial City in particular.
InoChem then began updating all relevant studies along with the detailed engineering designs and continued to complete other necessary preparation and gather resources for the start of construction. This included signing the EPC Contract (Engineering, Procurement & Construction) and successfully obtaining the required project financing by mid-2019.
Construction of the industrial complex commenced in January 2020 and all construction activities were completed in the fourth quarter of 2022.