Shanghai, China 18 July 2010 - Saudi Basic Industries Corporation (SABIC) today announced the signing of a Memorandum of Understanding (MOU) agreement, worth RMB 6 billion in contractual amount to supply 600,000 tons of polymers products to eight Chinese companies.
The ceremony was presided over by Ahmed Al Umar, Vice President, SABIC Asia Pacific, who witnessed the MOU agreements signing ceremony between SABIC Shanghai Trading Company, a subsidiary of SABIC Asia Pacific in China and its major Chinese customers at the Saudi Arabia Pavilion in the Shanghai Expo, China.
Al Umar remarked: “Today’s MOU signing ceremony is testament of our customers’ strong vote of confidence in SABIC. Indeed, it is an important milestone that our team has achieved remarkable results in serving the Chinese market.”
He added that “SABIC looks forward to strengthening strategic partnerships with all its customers and business associates in China as part of our efforts to further the Saudi-Sino relations. Our customer’s success is our success.”
Khaled Al Mana, Executive Vice President, Polymers Strategic Business Unit, SABIC added “SABIC has rapidly expanded its China operations in order to be at the heart of the world’s most important and fastest growing polymers market. These MOU agreements reflect SABIC’s commitment to its long-term growth and future prospects in China.”
SABIC currently has 13 offices in Greater China including Shanghai, Hong Kong, Qingdao, Suzhou, Tianjin, Taipei, Beijing, Chengdu, Dalian, Guangzhou, Hangzhou, Xiamen and Shenzhen; 4 manufacturing sites in Shanghai, Nansha, Zhongshan, Tianjin; and 1 technology center in Shanghai.
In addition to the signing ceremony, SABIC also hosted an exclusive customer day for 200 customers today at the Saudi Arabia Pavilion where SABIC is a corporate sponsor. The Saudi Arabia Pavilion received more than one million visitors in June.
Note to Editors:
Enclosed is the SABIC MOU Signing Ceremony photo.
About SABIC
Saudi Basic Industries Corporation (SABIC) ranks among the world’s top six petrochemical companies. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABIC recorded a net profit of SR 9 billion (US$ 2.4 billion) in 2009. Sales revenues for 2009 totaled SR 103 billion (US$ 27 billion). Total assets stood at SR 297 billion (US$ 79.2 billion) at the end of 2009.
SABIC’s businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with six dedicated Technology & Innovation Centers in Saudi Arabia, Europe, the USA and India. The company operates in more than 40 countries across the world with 33,000 employees worldwide.
The company has 19 world-scale complexes in Saudi Arabia. Elsewhere, SABIC manufactures on a global scale in the Americas, Europe and Asia Pacific. SABIC’s overall production has increased from 35 million metric tons in 2001 to 59 million metric tons in 2009.
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 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
SABIC currently has 13 offices in Greater China including Shanghai, Hong Kong, Qingdao, Suzhou, Tianjin, Taipei, Beijing, Chengdu, Dalian, Guangzhou, Hangzhou, Xiamen and Shenzhen. In November 2009, SABIC formed a 50/50 joint venture with Sinopec: SINOPEC SABIC Tianjin Petrochemical Company (SSTPC), based in Tianjin.
Media Contacts:
Lili Koh
Director
Corporate Communications
SABIC Asia Pacific
Tel: +65 6531 8239
Email: lili.koh@sabic.com.sg
Grace
Hill & Knowlton
Tel: 010-5861 7556
Email: grace.huang@hillandknowlton.com.cn