RIYADH: Saudi Basic Industries Corp. (SABIC) is optimizing its international operations, pursuing new ventures for investments, and focusing on technology and innovation efforts, said its Vice Chairman and CEO Mohamed Al-Mady.
Al-Mady's remarks came as he other high-ranking company officials a senior British delegation, headed by Lord Green of Hurstpierpoint, minister of state for trade and investment, at the company's headquarters in Riyadh.
Lord Green was accompanied by Edward Oakden, managing director of UK Trade and Investment, and Chris Innes-Hopkins, director UK Trade & Investment at the British Embassy in Riyadh.
Lord Green was previously the global group chairman of HSBC Holdings.
Al-Mady and Lord Green discussed the prospects for exploring new opportunities between SABIC and British 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.
Al-Mady said the British delegation's visit comes at a time when SABIC is optimizing its international operations.
"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," he said.
"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," Al-Mady added.
"We believe that opportunities will be available in UK, a world leader in manufacturing, technology, research and development in addition to bio sciences and creative industries which are receiving support from the wide spread existing UK services sector," he said.
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.
© Arab News 2011
