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Senior Chinese official visits SABIC in sign of company's growing presence in China

The Saudi Basic Industries Corporation ( SABIC ) received a senior Chinese official, He Lifeng, Vice Party Secretary of Tianjin City Government, at its headquarters in Riyadh on November 4 in a strong sign of the company's growing business profile in China. Mohamed Al-Mady, SABIC Vice Chairman and CEO, received the official and his delegation, which also included Xu Hongxing, President of the SINOPEC SABIC Tianjin Petrochemical Company.

The Chinese dignitaries watched a corporate film and a presentation, and attended a lunch reception hosted in their honor.

Expressing his views on the key visit, Al-Mady said that it reflects SABIC 's strong commitment to the Chinese market and its growing business presence in China. " SABIC has embarked on a series of growth initiatives in China, including a new partnership with SINOPEC to build a polycarbonate plant in Tianjin and a new research center in Shanghai," he said.

The visit comes close on the heels of two recent delegations from China to SABIC - one headed by Zhang Gaoli, Member of the Political Bureau, Central Committee, Communist Party of China (CPC), and Secretary of the CPC Tianjin Municipal, and the second led by Li Yongwu, Chairman of China Petroleum and Chemical Industry Federation.

He Lifeng, was the Party Secretary of Fuzhou city and Xiamen before he was promoted to his current post. He was also the Xiamen City Director of Treasury, and later Vice Mayor.

SABIC has 17 offices in the Greater China Region, three manufacturing plants in Shanghai, Guangzhou and Tianjin, one Technology & Innovation Center in Shanghai, and employs over 900 staff.

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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 67 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.

Samir Al-Abdrabbuh
Vice President,
Corporate Communications

© Press Release 2011