Saudi Basic Industries Corporation

The Saudi Basic Industries CorporationSaudi Basic Industries Corporation [SABIC] manufactures petrochemicals, basic, intermediate and industrial chemicals, plastics products, metals and fertilizers, directly and through subsidiaries.

SABIC’s annual petrochemical production capacity rose by 14.2%, in 2010, to 66.8 million tons. Through its subsidiaries, production included: ethylene, high density polyethylene, ethylene glycol, propylene, polypropylene, pyrolysis gasoline, methanol, methyl tertiary butyl ether, caustic soda and styrene monomer.

Through the Saudi Iron and Steel CompanySaudi Iron and Steel Company [Hadeed], SABICSABIC manufactures and distributes long and flat steel products including bars, coils, wire rods, light sections, hot rolled and galvanized products. HadeedHadeed had a production capacity of 3.1 million tons of long steel products and 1.7 million tons of flat steel products per year, in 2010.

Through the Saudi Arabian Fertilizer CompanySaudi Arabian Fertilizer Company, SABICSABIC produces chemical fertilizers, with an annual production capacity of 2.6 million tons of urea and 2.4 million tons of ammonia per year, as of 2010.

SABICSABIC and the Saudi Petrochemical Development Company jointly completed the expansion of the Sharq Petrochemical plant, in 2010, for the Saudi-based Eastern Petrochemical CompanyEastern Petrochemical Company. The project cost SAR13.65 billion (USD3.63 billion).

SABICSABIC is building a synthetic rubber plant in partnership with the US-based ExxonMobilExxonMobil, for SAR18.75 billion (USD5 billion). The plant would be composed of a methyl tertiary butyl ether plant, a rubber plant, a vocational training and support center. When completed in 2013, the plant would have a capacity of 400,000 tons of carbon black, rubber and polymers.

The company grew its 2010 annual revenues by 47.39% to SAR151.9 million (USD40.5 million) and profits by 137.26% to SAR21.5 million (USD 5.74 million).

In 2011, People's Choice Stevie Awards named SABICSABIC as company of the year in the chemical division. At the same year, Moody’s upgraded SABICSABIC Innovative Plastic to BAA3.