Riyadh 30 May 2005. SABIC affiliate Eastern Petrochemical Company (SHARQ) received on May 20, 2005, the International Safety Award for the year 2004 from the British Safety Council. SHARQ has won this prestigious safety award for its distinct efforts and for achieving highest performance rates in the field of industrial and environmental safety. Mohammed Al Mady, SABIC Vice Chairman & CEO congratulated Mohammed Al-Jabri, President SHARQ and all SHARQ employees for this outstanding accomplishment.

British Prime Minister, Rt Hon Tony Blair MP, sent a message to the winners, "At its best, sensible health and safety should be about managing risk, rather than trying to eliminate them altogether. Managing risks has a benefit not just to employees, but also to the economy as a whole, helping to tackle the 39 million days lost each year to ill health and injuries."

Mr. David Ballard, Director General of the British Safety Council, said, "The international safety Awards highlight organizations that demonstrate commitment to health and safety. They are a mark of a proven and significant achievement in safety standards. By making safety an important feature of everyday work practice, Eastern Petrochemical Company (SHARQ) is reducing accidents and ill health while improving productivity and profitability."

-Ends-

NOTES TO EDITORS:
The British Safety Council stipulates stringent conditions. Only companies with below average accident rates are eligible to apply and they face tough tests in order to satisfy the independent Awards Panel. In addition to low accident rates, winners must also have good safety policies and safety plans and commitment to health and safety at the highest board level. They must detail their health and safety officers' qualifications and provide details of significant advances they have made in health and safety for the year. 

SHARQ, is a joint venture between Saudi Basic Industries Corporation (SABIC) and SPDC Limited, (a consortium of Japanese companies headed by the Government of Japan and Mitsubishi Company).SHARQ was founded on May 23, 1981, at Jubail Industrial City, in the Kingdom of Saudi Arabia, manufacturer of 1.35 Million Metric Tons per annum of Ethylene Glycol (EG), and 750 Kilo Metric Tons per annum of Linear Low Density Polyethylene (LLDPE). SHARQ is assuming its third Expansion project to add a new Olefin Plant with a capacity of 1.3 Million Tons/Y and 700 Kilo MT/Y (EG) plant and 400 Kilo MT/Y LLDPE plant and 400 Kilo MT/Y High Density Polyethylene plant  By 2008. SHARQ achieved more than 16.5 Million Safe Man-hours without Lost Time & Injuries as the highest record among SABIC affiliates 

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

© Press Release 2005