HE the Egyptian Prime Minister, Dr. Ahmed Nadeef, received HH Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud Chairman, Royal Commission for Jubail and Yanbu and Chairman, Saudi Basic Industries Corporation (SABIC) along with the accompanying delegation.
Egypt Prime Minister praised the Kingdom's industrial experience in Jubail and Yanbu as a leading example of a milestone of comprehensive developments achieved by the Saudi government.
HH Prince Saud and the delegation held constructive and fruitful talks in Cairo with HE the Egyptian Minister of External Commerce, Eng. Rasheed Mohammed Rasheed, Minister of Petrol, Eng. Samih Fahmi, and Minister of Investment, Dr. Mahmoud Muhi Edin. The talks focused on the investment opportunities available in the Egyptian markets, strengthening the mutual collaboration and developing the trade exchange between the two countries while eliminating exchange trade obstacles and strengthening SABIC's relations with customers in the Egyptian markets.
Prince Saud expressed his great appreciation for the warm reception and hospitality. He appreciated the Egyptian government efforts to boost the mutual and integral relations between the two countries. During the press conference, he reaffirmed that the objective of this visit was to set future strategies for the investment opportunities available for SABIC in the petrochemical sector in the Arab Republic of Egypt.
On Sunday evening, HE Eng. Rasheed Mohammed Rasheed, Minister of External commerce held a dinner party which was attended by a number of Egyptian Ministers, dignitaries and high rank officials together with SABIC delegation comprised of HE Eng. Mohamed H. Al-Mady, SABIC Vice Chairman & CEO and a number of SABIC executives.
This visit was in response to an invitation from HE the Minister of External Commerce in Egypt who visited the Kingdom last January.
-Ends-
NOTES TO EDITORS:
Saudi Basic Industries Corporation (SABIC) is the largest company in the Middle East by market capitalization (at more than US$ 100 billion), and the 11th largest petrochemicals manufacturer in the world. It is a market leader in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers and the fourth largest polymers producer in the world.
SABIC's profit rose to a record SR 14.2 billion (US$ 3.8 billion) in 2004, a 112% increase on 2003 and the company's highest profit since inception. Sales revenues for 2004 totaled SR 68.5 billion (US$ 18.3 billion), an increase of 47% on revenues in 2003 making SABIC the largest and most profitable public company in the Middle East.
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Polyolefins, PVC and Polyester, Fertilizers and Metals. The company has significant research resources and has dedicated Research and Technology centers in Riyadh, Geleen in the Netherlands, Houston USA and Vadodara in India. SABIC has more than 16,000 employees worldwide.
SABIC has two large production sites in Saudi Arabia - in Al-Jubail and in Yanbu - comprising 18 world-scale complexes. Some of these complexes are operated with multi-national joint venture partners such as Exxon Mobil, Shell, Fortum, Ecofuel/ENI and Mitsubishi Chemicals. SABIC's overall production capacity has increased from 35.4 million metric tons in 2001 to 42.9 million metric tons of production in 2004.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases released in oil production as the raw material for the production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70% of SABIC shares with the remaining 30% held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
SABIC Europe has its headquarters in Sittard in the Netherlands. It operates two petrochemical production sites in Geleen, Netherlands and Gelsenkirchen in Germany for the production, marketing and sales of polypropylenes, polyethylenes and hydrocarbons. In 2004 SABIC Europe sold 6 million tons of polymers, base chemicals and intermediates, mainly to the European market, employing 2,300 people.
Mohammad Al-Motawa
General Manager,
Corporate Communications
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Hill & Knowlton
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