SABIC SIGNS MOU WITH SIX MULTINATIONAL SUPPLIERS TO FORM GLOBAL BUSINESS ALLIANCES

SABIC, the world’s third largest diversified Petrochemicals Company, announced on Thursday November 29th  that it is taking steps to establish strategic alliances with six multinational suppliers: German conglomerate Siemens; Swiss technology firm ABB; US-Japanese manufacturer Elliott Group; and two Japan-based engineering companies, Yokogawa, Mitsubishi and US manufacturer Emerson. 

The Memorandum sets out the framework of cooperation between the parties to enable SABIC to seek joint opportunities and achieve top quartile performance in manufacturing.   

The strategic purpose of these alliances are to support Saudi 2030 vision by stimulating national economy and local content, achieve industry-leading performance, leverage technology innovation, enhance knowledge sharing and identification of lucrative opportunities with market-leading organizations. 

Yousef Al-Benyan, SABIC Vice Chairman and CEO, said: “Today’s announcement signals a new phase in our relationship with six of the world’s most forward looking organizations and supports our efforts to become the world’s preferred petrochemical supplier.”

He added: “At SABIC, we believe in creating smart opportunities and meaningful relationships with companies who can help drive positive sustainable strategic change within our business and the wider community. Our focus is on connecting and collaborating with organizations to influence the megatrends that are transforming our world – this is Chemistry that Matters™.”

Innovative relationships across multiple sectors underpin SABIC’s portfolio of world-leading products and solutions. Its business strategy places emphasis on fostering high value collaborations with market-leading companies that can help SABIC and the Kingdom of Saudi Arabia to secure long-term growth opportunities.