SABIC tackles global challenges head on

He said, "SABIC will face many challenges on its way to success. By overcoming them, the company will continue to play a key role in the nation's economy. In light of the fluctuating global conditions, changing economic conditions, there is a wave of change in the liberalized world.

"Companies also face stiff competition from mergers and acquisitions and the impact following new members joining the World Trade Organization", he added.

"The best way to overcome these challenges is by adopting rational scientific procedures, and by working out innovative and creative solutions. STM6 substantiates SABIC's ambition to become one of the world's leading companies. SABIC will realize this objective by making use of scientific and technological research and by synchronizing its marketing, administrative and service activities.

"The company will minimize its costs in different operations. It will also take measures to add more value to the quality of its products and services in order to enhance its competitive capabilities. This will ensure long-term mutual relations with local and overseas customers".

Mohamed Al-Mady, SABIC Vice Chairman and CEO added, "The annual STM event has enjoyed year on year success.

"Last year SABIC made great achievements not only in production, marketing and profits, but also in the fields of safety and environment. For example, SABIC Affiliates have achieved 93 million man-hours without any lost-time injury. This is a remarkable safety performance in the petrochemical industry.

"The globalization of SABIC R&T has generated numerous international patents for the company. The company led the invention of several important process technologies and catalyst-related technologies and products", he added.

"I expect that SABIC will become the world's largest producer of Ethylene Glycol by 2006 with the acquisition of Scientific Design with a 50:50 partnership with Süd-Chemie of Germany, a world leader in Ethylene Glycol.

Ibrahim Al-Shuweir, Chairman of the organizing committee, said there has been rise in number of people participating in this year's meeting where more work papers would be submitted.

The seminar will last for three days between October 4 to 6 and will deliberate on various issues related to research, technology and other operational and technical aspects.