| 29 Aug 2010 |
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SABIC signs natural Alcohol technology licensing agreement
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Saudi Basic Industries CorporationSaudi Basic Industries Corporation
(SABICSABIC), announced today that it has signed an agreement with Lurgi GmbH, a German firm, for the technology licensing and engineering that will allow SABICSABIC to produce oleo-chemicals at its affiliate, Saudi Kayan Petrochemical CompanySaudi Kayan Petrochemical Company (SAUDI KAYANSAUDI KAYAN), following the completion of new facilities to be constructed in Jubail, Saudi Arabia. Start up of the new production line is planned for the end of 2013 and will utilize renewable feedstock technology. "The feedstock used for this process is based on natural raw materials from renewable oils such as palm kernel oil and coconut oil. The use of renewable feedstock is part of SABICSABIC's overall commitment to sustainability and strong corporate citizenship," said SABICSABIC Executive Vice President, Technology & Innovation, Dr. Abdulrahman Al-Ubaid.
"SABICSABIC's diversification into oleo-chemical products is in line with the company's strategy and drive to increase its performance chemicals portfolio. SABICSABIC's expansion of the ethylene oxide derivatives business, with particular emphasis on ethoxylate surfactants, will further be strengthened through backward integration into natural fatty alcohols." commented SABICSABIC General Manager - Functional Chemicals, Rusmir Niksic. SABICSABIC's Global Business Manager - Ethoxylates and Amines, Turki Al-Hamdan, noted: "We aim to meet the ever-increasing demand for our products in the Middle Eastern consumer care industry. Furthermore, the natural alcohol plant allows for new investments in downstream industries in the region."
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Samir Al-Abdrabbuh
Vice President, Corporate Communications
Notes to EditorsAbout SABICSABIC
Saudi Basic Industries CorporationSaudi Basic Industries Corporation (SABICSABIC) ranks among the world's top six petrochemical companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABICSABIC recorded a net profit of SR 9 billion (US$ 2.40 billion) in 2009. Sales revenues for 2009 totaled SR 103 billion (US$ 27 billion). Total assets stood at SR 297 billion (US$ 79.2 billion) at the end of 2009.
SABICSABIC's businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABICSABIC has significant research resources with six dedicated Technology & Innovation Centers in Saudi Arabia, Europe, the USA and India. The company operates in more than 40 countries across the world with 33,000 employees worldwide.
The company has 19 world-scale complexes in Saudi Arabia. Elsewhere, SABICSABIC manufactures on a global scale in the Americas, Europe and Asia Pacific. SABICSABIC's overall production has increased from 35 million metric tons in 2001 to 59 million metric tons in 2009.
Headquartered in Riyadh, SABICSABIC 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 SABICSABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
© Press Release 2010
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