The Saudi Basic Industries Corporation (SABIC) has announced the establishment of a new wholly-owned company with a paid up capital of Euro 18,000. The company, SABIC Capital Ltd., is based in the Netherlands.

Mohamed Al-Mady, SABIC Vice Chairman and CEO, said the new company will be primarily responsible for the financing and tax operations of SABIC’s investments in Europe and USA following the acquisition of DSM Petrochemicals, GE Plastics, and other acquisitions.