Saudi Basic Industries CorporationSaudi Basic Industries Corporation

SABICSABIC

Mohamed Al-Mady, SABICSABIC Vice Chairman and CEO, said the new company will be primarily responsible for the financing and tax operations of SABICSABIC's investments in Europe and USA following the acquisition of DSM Petrochemicals, GE Plastics, and other acquisitions.

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About SABIC
Saudi Basic Industries CorporationSaudi Basic Industries Corporation (SABICSABIC) is the world's 5^th largest petrochemicals company. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.

SABICSABIC's profit rose to a record SR 27 billion (US$ 7.2 billion) in 2007, a 33% increase over 2006. Sales revenues for 2007 totalled SR 126.2 billion (US$ 33.7 billion), the highest revenues achieved by the company since its inception. Total assets stood at SR 256 billion (US$ 68.3 billion) at the end of 2007.

SABICSABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 SABICSABIC Innovative Plastics was launched as a global manufacturer and supplier of highly engineered thermoplastics. SABICSABIC has significant research resources and has 16 dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific. The company operates in more than 40 countries across the world with over 31,000 employees worldwide.

In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located in the industrial cities of Al-Jubail and Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. Elsewhere, SABICSABIC manufactures on a global scale in more than 45 countries in the Americas, Europe and Asia Pacific. SABICSABIC's overall production has increased from 27 million metric tons in 2001 to 55 million metric tons in 2007.

Headquartered in Riyadh, SABICSABIC 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 SABICSABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.

Othman Al-Humaidi
General Manager,
Corporate Communications

© Press Release 2008 from Hill & Knowlton

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