The recommendation will be presented at the annual general assembly of shareholders on 17 April 2004.
Commenting on the announcement, Prince Saud bin Thunayan Al-Saud, Chairman of the Board, said that SABIC had enhanced its performance at all levels including training and development of human resources; development of research and technology; quality assurance; industrial security; environmental and vocational safety; consolidation and development of business regulations; and community relations. He added that SABIC had commenced the implementation of several expansion projects and new productivity programs, with the objective of reaching its targeted 45 million tons annual capacity in 2004, and 60 million tons per annum by 2008.
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SABIC Board recommends distribution of SR 3,600 million for shareholders at SR 12 per share
- Saudi Arabia: Tuesday, March 16 - 2004 at 08:34
- PRESS RELEASE
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The Board of Directors of Saudi Basic Industries Corporation (SABIC) has recommended payment of SR 3,600 million (USD 960 million) to company shareholders at SR 12 per share.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, March 16 - 2004 at 08:34 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
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Issued on behalf of SABIC by Hill & Knowlton. For further information, please contact Rob Foyle on tel: 009661 2258034.
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 sixteen 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. They annually sell about 2.6 million tonnes of polymers, mainly in Europe. About 2,300 people are employed at SABIC EuroPetrochemicals.
SABIC employs over 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)
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 sixteen 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. They annually sell about 2.6 million tonnes of polymers, mainly in Europe. About 2,300 people are employed at SABIC EuroPetrochemicals.
SABIC employs over 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)
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