Sep 21 2011 |
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UK Minister of Trade & Investment visits SABIC, views new opportunities
Saudi Basic Industries Corporation ( SABIC ) has announced the visit of a senior UK delegation, headed by Lord Green of Hurstpierpoint, Minister of State for Trade & Investment, to the company's headquarters in Riyadh on September 21. Mohamed Al-Mady, SABIC Vice Chairman and CEO, and other high ranking company officials, received the Minister and his delegation.
Previously the Global Group Chairman of HSBC Holdings, Lord Green was accompanied by Edward Oakden, Managing Director of UK Trade & Investment, and Chris Innes-Hopkins, Director UK Trade & Investment at the British Embassy in Riyadh.
Al-Mady and Lord Green discussed the prospects for exploring new opportunities between SABIC and the UK companies, largely in light of the fact that SABIC has considerably boosted its presence in the country after its acquisition of Huntsman Petrochemicals in 2006.
Commenting on the visit, Al-Mady said that it comes at a time when SABIC is optimizing its international operations, pursuing new ventures for investments, and focusing on technology and innovation efforts. The creation of SABIC UK Petrochemicals was part of this global strategy, with the company now boasting a new state-of-the-art 400,000 metric tons/year LDPE plastics production plant in Wilton, Teesside - the largest of its kind in the world. Operations also comprise a cracker unit and aromatics compounding complex.
Al Mady concluded: "We work diligently to improve the business environment through simplifying the planning and development of new infrastructure processes and by maintaining a stable and clear organization. We believe that opportunities will be available in the UK, a world leader in manufacturing, technology, research and development, in addition to bio sciences and creative industries, which are receiving support from the widespread existing UK services sector".
- Ends -
Samir Al-Abdrabbuh
Vice President, Corporate Communications
Notes to Editors
About SABIC
Saudi Basic Industries Corporation ( SABIC ) ranks among the world's top 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.
SABIC recorded a net profit of SR 21 billion (US$ 5.6 billion) in 2010. Sales revenues for 2010 totaled SR 152 billion (US$ 40.5 billion). Total assets stood at SR 317 billion (US$ 84.5 billion) at the end of 2010.
SABIC 's businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 18 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India and China. The company operates in more than 40 countries across the world with 33,000 employees worldwide.
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific. SABIC 's overall production has increased from 35 million metric tons in 2001 to 66 million metric tons in 2010.
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.
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