Sabic reports first quarter 2008 results

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About Sabic

Saudi Basic Industries Corporation (Sabic) is one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.

Sabic's profit rose to a record SR27bn ($ 7.2bn) in 2007, a 33% increase over 2006. Sales revenues for 2007 totalled SR 126.2bn ($ 33.7bn), the highest revenues achieved by the company since its inception. Total assets stood at SR256bn ($68.3bn) at the end of 2007.

Sabic operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 Sabic Innovative Plastics was launched as a global manufacturer and supplier of highly engineered thermoplastics. Sabic 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, Sabic manufactures on a global scale in more than 45 countries in the Americas, Europe and Asia Pacific. Sabic's overall production has increased from 27 million metric tons in 2001 to 55 million metric tons in 2007.

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% of Sabic shares with the remaining 30% held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.