A high-level German delegation, led by Dr. Niels Schmidt, Deputy Premier and Minister of Finance and Economy in the State of Baden - Württemberg, visited the Saudi Basic Industries Corporation (SABIC) in Riyadh on December 18 to discuss various aspects of cooperation between SABIC and major German companies in the petrochemical sector, existing investment opportunities, and other topics of common interest.
The delegation, which comprised two members of the state parliament, and 30 political, economic and media personalities, was received by Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of SABIC and the Royal Commission for Jubail and Yanbu, in the presence of Mohamed Al-Mady, SABIC Vice Chairman and CEO, and the company's executive vice presidents and vice presidents.
The delegation will also visit Jubail Industrial City and tour HADEED, a SABIC manufacturing affiliate.
SABIC operates several industrial complexes in Europe, including Germany.
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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
