They include:
• Confirmation of plans to construct new petrochemical plants in Yanbu for 3.8 million mt/y of ethylene, ethylene glycol, polyethylene and polypropylene products to come on stream in 2007.
• Expansions at the Eastern Petrochemical Company (SHARQ) adding 2.9 million mt/y of ethylene, polyethylene and ethylene glycol by 2008. SHARQ is a 50:50 joint venture between SABIC and SPDC, a Japanese consortium headed by Mitsubishi.
• An additional 1 million mt/y of flat steel products at the Saudi Iron and Steel Company (HADEED) with production scheduled for 2006.
• An additional 1.7 million mt/y of methanol at the Saudi Methanol Company (AR-RAZI) scheduled for production in the latter half of 2007. This will make AR-RAZI, a 50:50 joint venture with Mitsubishi, the largest single methanol-producing complex in the world.
SABIC Vice Chairman and CEO, Mohamed Al-Mady, said: "These projects demonstrate SABIC's plans for investment and its continuing strategy to become a leader in the global petrochemicals industry."
The Chairman and Board also visited SABIC plants in the Netherlands and Germany and met with senior Dutch officials including the Minister for Foreign Trade and the Queen's Governor of Limburg.
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SABIC Board endorses expansion investments of 24 billion Saudi Riyals
- Saudi Arabia: Tuesday, June 15 - 2004 at 08:41
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At a meeting of the SABIC Board of Directors in the Netherlands, the Chairman, Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud, endorsed expansion investments of SR 24 billion (USD 6.4 billion).
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, June 15 - 2004 at 08:41 UAE local time (GMT+4)
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Mohammad Al-Motawa
General Manager, Corporate Communications
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 18 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).
General Manager, Corporate Communications
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 18 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).
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