SABIC
CEO addresses International Petrochemical Conference
Posted: 30 March 2004
Highlights growing Middle East petrochemical industry
Saudi Basic Industries Corporation (SABIC) Vice Chairman and Chief
Executive Officer Mohamed H. Al-Mady discussed the Middle East’s
growing role in the global petrochemical industry yesterday.
He delivered the breakfast keynote address at the 2004 National
Petrochemical and Refiners Association (NPRA) International Petrochemical
Conference (IPC), the largest and most prestigious conference for
the global petrochemical industry.
“I am honored to have been invited to address my colleagues
about the growth of the petrochemical industry in the Middle East
at this premier conference. The global industry is evolving and
changing more rapidly than we have ever seen, and the Middle East
is at the forefront of that transformation,” said Mr. Al-Mady.
“SABIC possesses a unique perspective in the world, as it
combines industry infrastructure and market sophistication with
access to raw materials and a centrally located position in the
global marketplace.”
While in the U.S., Mr. Al-Mady addressed employees at Little Ferry,
N.J.-based Scientific Design Company Inc, which SABIC jointly acquired
with Süd-Chemie in 2003. He also traveled to Houston to speak
with the employees at SABIC Americas’ headquarters and state-of-the-art
research and technology center in Sugar Land, Texas.
The International Petrochemical Conference is the largest conference
representing the global petrochemical industry, hosting more than
3,000 attendees from 45 countries at the San Antonio Convention
Center in San Antonio, Texas, March 28-30.
About SABIC
The Middle East’s largest petrochemicals company,
SABIC, is based in Riyadh, Saudi Arabia.
It was founded in 1976, when the Saudi Arabian Government decided
to use hydrocarbon gases released in the production of oil as 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
countries of the Gulf Cooperation Council (GCC).
SABIC’s business activities have been restructured and a
new management model became effective on 1 September 2002. There
are now six Strategic Business Units (SBUs): Basic Chemicals; Intermediates;
Polyolefins; PVC & Polyester; Fertilizers and Metals. Supporting
all these functions is a corporate core consisting Human Resources;
Corporate Finance; Corporate Control and Research & Technology.
A Shared Services Organization became operational in 2003.
SABIC has two large industrial sites in Saudi Arabia – Al-Jubail
and Yanbu – with 16 world-scale production complexes. Some
of these production complexes are operated with multi-national partners
such as Exxon Mobil, Shell, Fortum, Ecofuel/ENI and Mitsubishi Chemicals.
In addition, SABIC has interests in three production complexes in
Bahrain. Over the last 16 years, SABIC’s overall production
capacity has increased considerably. In 2003 it amounted to 42.3
million metric tons.
SABIC EuroPetrochemicals owns two petrochemical production sites
in Geleen (Netherlands) and Gelsenkirchen (Germany) for the production,
marketing and sales of polypropylenes, polyethylenes and hydrocarbons.
It annually sells about 2.6 million tonnes of polymers, mainly in
Europe. About 2,300 people are employed at SABIC EuroPetrochemicals.
SABIC employs more than 16,000 people worldwide, most of whom are
based in Saudi Arabia. In 2003, SABIC posted sales of approximately
SR47.1bn (US$12.56bn) and a net profit of approximately SR6.716bn
(US$1.79bn).
For more information see www.sabic.com
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
