RIYADH: Custodian of the Two Holy Mosques King Abdullah received the chairman and top officials of Saudi Basic Industries Corp. at his palace here Monday and commended SABIC's contributions to the Kingdom's economic growth. SABIC's total assets have amounted to SR340 billion.
King Abdullah urged SABIC's executives to exert greater efforts for the success of the company's projects. Defense Minister Prince Salman and State Minister and Commander of the National Guard Prince Miteb bin Abdullah attended the reception.
Speaking at the reception, Prince Saud bin Abdullah bin Thunayan, chairman of the Royal Commission for Jubail and Yanbu and SABIC, said the corporation's total profits amounted to SR219 billion. "We distributed SR95 billion as dividends, of which the government's share was SR66.5 billion or 70 percent," he said.
SABIC's total production capacity has increased to 1.28 billion tons of petrochemicals. It has 18 international technological centers manned by 1,500 scientists and researchers, Prince Saud said, adding that these centers enabled the company to possess 7,000 patents. About 87 percent of SABIC employees are Saudis.
© Arab News 2012
