|05 December, 2019

SABIC boss urges more partnerships among petrochemical companies in the Middle East

Industry players had been conservative in striking meaningful partnerships outside the region: SABIC CEO

The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016.

The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016.

REUTERS/Faisal Al Nasser

LONDON: The petrochemical industry in the Middle East must invest collaboratively in winning-partnerships to sustain its future growth, said SABIC CEO Yousef Al-Benyan.

He was addressing more than 2,100 industry leaders at the 14th Annual Forum of the Gulf Petrochemicals Association in Dubai.

“Strategic partnerships are a winning proposition,” he said. “In the Middle East, 55 percent of total chemical capacities are run in partnership mode, significantly higher than the global average.

But he added that industry players had been conservative in striking meaningful partnerships outside the region.

SABIC generated profits of about $5.7 billion last year on revenues that topped $85 billion. It manufactured about 75.3 million metric tons of petrochemicals in 2018.

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