Riyadh, July 10, 2013: The National Methanol Company (IBN SINA), a manufacturing affiliate of the Saudi Basic Industries Corporation (SABIC), has awarded the Engineering, Procurement and Construction contract for its Polyoxymethylene (POM) project to an international company, bringing the company closer to producing the high strength, low friction engineering plastic, in support of Saudi Arabia's vision to expand and diversify its manufacturing sector and create employment opportunities in downstream industries.

The project is an expansion of IBN SINA's existing operations, and is a joint venture between SABIC and CTE, a company owned by the US specialty materials company, Celanese Corporation and Duke Energy. The POM plant at IBN SINA is expected to have an annual capacity of 50,000 tons. POM is primarily used in the auto industry, electronics, food processing and other vital sectors, which hold substantial value to Saudi Arabia's downstream sector development.

Speaking about the project, Mohamed Al-Mady, SABIC Vice Chairman and CEO, said that SABIC's strategic partnership with Celanese gives the company the benefit of working with an esteemed market leader in the POM industry. "The advantages from the new product are anticipated to be directly reflected in the development of Saudi Arabia's downstream manufacturing sector. We are hopeful that the opportunities for investment and employment will contribute significantly to the diversification of our local economy."

Abdullah Al-Rabeeah, SABIC Executive Vice President, Performance Chemicals SBU, explained that POM is a preferred, non-toxic product for specialized applications and complex machining. "The emergence of SABIC as a provider of POM is in step with Saudi Arabia's Industrial Clusters Development Program. It is yet another significant step for SABIC towards our goal of being a premium provider of specialty products of the highest standards," he said.

POM is a highly crystalline polymer that is most noted for its high stiffness, mechanical strength, abrasion resistance and good resistance to chemicals and solvents. It withstands attack from harsh chemicals and wash downs, and keeps machinery moving without lock-ups caused by corroded metal components.

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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 24.72 billion (US$ 6.59 billion) in 2012. Sales revenues for 2012 totaled SR 189 billion (US$ 50.40 billion). Total assets stood at SR 338 billion (US$ 90.13 billion) at the end of 2012.

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, China and South Korea. The company operates in more than 40 countries across the world with around 40,000 employees worldwide.

SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.

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.

© Press Release 2013