The Saudi Basic Industries Corporation (SABIC) won a contract to supply 45,000 tons of MTBE (Methyl Tertiary Butyl Ether) to the Egyptian General Petroleum Corporation (EGPC) in 2002. This will be SABIC’s eighth contract with EGPC, having been supplying the environment-friendly gasoline additive to Egypt since 1993, according to company sources.
MTBE is added to gasoline to increase octane, reducing pollution released from car exhaust. Saudi Arabia is the second largest producer of MTBE in the world after the United States. Annual production capacity in the Kingdom is about three million tons, entirely produced by SABIC. The Saudi industrial giant has an annual output of three million tons of MTBE, which is used to produce unleaded petrol.
Saudi giant SABIC conglomerate, established in 1976, operates 18 manufacturing facilities throughout the kingdom, producing mainly petrochemicals. It has a paid-up capital exceeding four billion dollars and total assets of more than $21 billion.
In the first nine months of the year, SABIC’s net profit dropped 37 percent due to a worldwide fall in demand for petrochemicals, on the heels of the declining oil prices. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
