SABIC FURTHER STRENGTHENS LEADERSHIP IN CHINA, WORLD’S FASTEST GROWING POLYMERS MARKET SABIC IS LARGEST EXHIBITOR AT CHINAPLAS 2008 TRADE SHOW
Saudi Basic Industries Corporation (SABIC) is further strengthening its leadership position in China, the world’s most important and fastest growing polymers market. SABIC is the largest exhibitor at Chinaplas, the most important plastics trade show in Asia.
“We have increased SABIC’s presence at Chinaplas this year, and we are pleased to introduce SABIC Innovative Plastics to the show for the first time”, said Mr. Mohamed Al-Mady, SABIC Vice Chairman and CEO.
“SABIC Innovative Plastics was launched last year following the acquisition of GE Plastics in September, a move which takes us one step closer to realizing our strategic vision of becoming the world’s preferred chemicals supplier,” Mr. Al-Mady said.
“We are now a major global producer and supplier of advanced highly engineered thermoplastics in addition to being a major producer of basic and intermediate chemicals,” Al-Mady added.
SABIC Innovation Plastics is reaffirming its commitment to the Pacific region by adding significant production capability to its Pudong, Shanghai facility. In addition, the company is creating a unique Center of Excellence focused on notebook computers in its China Technology Center in Shanghai.
“Our production expansion and new Center of Excellence are two more examples of SABIC Innovative Plastics’ ongoing commitment to our customers’ success in Greater China and Asia,” said Brian Gladden, President & CEO, SABIC Innovative Plastics.
SABIC’s Vice President, Polymers Mr Abdulsalam Al-Mazro, said: “Our expansions in China are a sign of the confidence that SABIC places in the economic opportunities in China and strongly supports SABIC’s growth strategy of being among the world’s top three petrochemical companies by 2020.”
In January this year, SABIC signed a Heads of Agreement with SINOPEC, for the formation of a 50-50 joint venture to establish a one million metric tons per year ethylene derivatives complex in Tianjin, China. This agreement is a key milestone towards realizing SABIC’s goal of establishing a manufacturing site in Asia.
General Manager, Corporate Communications
Saudi Basic Industries Corporation (SABIC) is one of the world’s 10 largest petrochemicals manufacturers. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABIC’s profit rose to a record SR 27 billion (US$ 7.2 billion) in 2007, a 33% increase over 2006. Sales revenues for 2007 totalled SR 126.2 billion (US$ 33.7 billion), the highest revenues achieved by the company since its inception. Total assets stood at SR 256 billion (US$ 68.3 billion) at the end of 2007.
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 SABIC Innovative Plastics was launched as a global manufacturer and supplier of highly engineered thermoplastics. SABIC has significant research resources and has 16 dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific. The company operates in more than 40 countries across the world with over 31,000 employees worldwide.
In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located in the industrial cities of Al-Jubail and Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. Elsewhere, SABIC manufactures on a global scale in more than 45 countries in the Americas, Europe and Asia Pacific. SABIC’s overall production has increased from 27 million metric tons in 2001 to 55 million metric tons in 2007.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.