Saudi Basic Industries Corporation (SABIC) received an 11-member delegation from the China Petroleum and Chemical Industry Association (CPCIA) today at SABIC Headquarters in Riyadh.
Welcomed by Samir A. Al-Abdrabbuh, Vice President, Corporate Communications, the visiting group engaged in a program of information exchange and sharing insights on the current status of the petroleum and chemical industries, with special emphasis on enhancing trade and investment cooperation.
The Chinese group heard about the growing petrochemical industry globally and its impact on further growth in China and the rest of the world, from Abdullah S. Bazid, Executive Vice President, Strategy and Planning at SABIC. Also, Khaled Al-Mana, Executive Vice President, Polymers, briefed the Chinese visitors about SABIC's initiatives to upgrade its plastics portfolio.
The CPCIA delegation, led by Zhou Zhuye, Vice Chairman, presented detailed information about the three leading companies in the Chinese petroleum and chemicals sector: China Petroleum and Chemical Corporation (SINOPEC); PetroChina Company, Limited; and China National Offshore Oil Corporation (CNOOC). The Chinese group also presented suggestions for enhancing trade and investment with SABIC.
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About SABIC
Saudi Basic Industries Corporation (SABIC) ranks among the world's top six 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.
The company has 19 world-scale complexes in Saudi Arabia. Elsewhere, SABIC manufactures on a global scale in 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 2010
