His Highness Prince Saud bin Thunayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC opened today (December 11, 2006) the STM7 which is held under the theme: "Passion for Innovation", in Jubail Industrial City and is scheduled to continue until next Wednesday.

Prince Saud delivered a speech in which he pointed out that SABIC is a product of "Passion for Innovation", in terms of the thinking of those who founded the company and in terms of the creative effort which has contributed to the company’s increasing accomplishments and milestones to become one of the worlds largest petrochemical companies. This has culminated in many technical innovations. He affirmed that this meeting is a new field where the minds of SABIC men compete to achieve further innovations that increase SABICs national contributions, strengthen the companys competitive edge in global markets, and enable it to confront the international mounting challenges arising of the rapid change seen by the petrochemical industries.

Mohamed Al-Mady, SABIC Vice Chairman & CEO addressed the meeting and said that SABIC adopts creative work and considers innovation a widespread and systematic process, based on tools, rules and disciplines. SABIC has spared no effort in making this happen, being aware that the objective of innovation is to achieve a higher added value to its customers, and higher returns for its shareholders, in addition to fully preserving the safety and health of the environment.

Al-Mady indicated that innovation in the field of petrochemical and chemical industries requires patience, long-term effort, and dedication towards creative work to achieve the desired goals in the framework of one integrated system.

SABIC has began preparations for this meeting early in view of the importance attached to it as a forum for ideas and innovation that helps SABIC drive forward its development and implementation of its strategies and future plans. The meeting is held every two years. Earlier meetings had contributed to putting forward many of the creative visions that have contributed to developing performance and increasing productivity. The aim of the current meeting is to improve operations and processes, develop products and achieve the optimum utilization of equipment in managing more advanced processes, and help develop reliability.

Speaking at the meeting are selected specialists from SABIC and prominent lecturers from outside. The participants will also discuss a number of working papers involving: processes and products, reliability, electrical and control systems, safety, health and environment, quality and technical analysis, business management and information technology.

Mr. Ram Chan, an extremely prominent key speaker in the area of research and technology, presented a working paper titled: "The Missing Part of Leadership, Execution". He addressed the elements of successful execution in the light of the experiences of some major industrial companies, which materialized the global creative ideas into reality.

On the sidelines of the meeting, Prince Saud honored the companies that provided the best working papers, namely: the National Methanol Company (IBN SINA) whose prize was received by its President, Nabil bin Abdulaziz Al-Mansouri, the SABIC R&T whose prize was received by Ali bin Said Al-Khuraimi, Vice President, R&T – SABIC and SABIC in Europe whose prize was presented to Frank Moijber.

Also companies winning SABIC awards for the encouragement of creativity were honored. These company are: The Arabian Petrochemicals Company (PETROKEMYA) whose prize was received by its President, Sami bin Abdulaziz Alswoeg, Jubail Petrochemicals Company (KEMYA) whose prize was received by its President Abdulaziz Al-Hamid, the Saudi Iron and Steel Company (HADEED) whose prize was received by its Chairman, Mohamed bin Saleh Al-Jabr, SABIC R&T whose prize was received by the Vice President, R&T.

Afterwards, Prince Saud opened the exhibition which was attended by a number of major leading local and international companies in the area of technologies and equipment.