Saudi Basic Industries Corporation (SABIC) announced today that its affiliate, Saudi Kayan Petrochemical Company (SAUDI KAYAN), has shipped its first export production of Acetone, a part of the phenolic chain used to make Methyl Methacrylate (MMA), Polycarbonate (PC), solvents, adhesives and paints. The initial shipment of some 1,600 metric tons from the Port of Jubail, on Saudi Arabia's Gulf Coast, sets a record also as the first shipment of Acetone from the Middle East. SABIC noted that the shipment is bound for manufacturing customers in the Indian market, and that some of the Acetone produced at the plant will be also used by other units at SAUDI KAYAN to produce high-value PC.
SABIC's Performance Chemicals Strategic Business Unit (SBU) reports the rated capacity of the Acetone plant at SAUDI KAYAN at 140,000 metric tons per year. The giant new petrochemical complex at Jubail, will, when completed, have a combined capacity of more than 5.5 million metric tons per year of petrochemical products, some of which will feed further downstream business growth in Saudi Arabia.
SABIC Vice Chairman and CEO Mohamed Al-Mady noted that the company is diversifying its product portfolio in pursuit of long-term profitable and sustainable growth. Al-Mady also said, "The way we are introducing products will not only help SABIC, but also our customers sell products that are sustainable." He also noted that the Performance Chemicals SBU would be one of the main drivers of SABIC's diversification strategy as the company implements its 2020 vision of being the world's preferred leader in chemicals.
SABIC owns 35 percent of SAUDI KAYAN, with 20 percent owned by Al-Kayan Petrochemical Company, and 45 percent by public shareholders.
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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 9 billion (US$ 2.4 billion) in 2009. Sales revenues for 2009 totaled SR 103 billion (US$ 27 billion). Total assets stood at SR 297 billion (US$ 79.2 billion) at the end of 2009.
SABIC's businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with six dedicated Technology & Innovation Centers in Saudi Arabia, Europe, the USA and India.. 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 59 million metric tons in 2009.
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 A. Al-Abdrabbuh
Vice President, Corporate Communications
© Press Release 2011
