Related Party Transactions
The company assumes marketing and sales of affiliates’ products in various local, regional and global markets through marketing agreements signed with those companies. The company also provides its affiliates with procurement services, involving transportation, warehouse services and delivery of materials related to spare parts through the SABIC Shared Services function. The company, represented by our Shared Services function, provides accounting, human resources, information technology, and engineering services to affiliates under an agreement signed with them.
SABIC’s Legal Affairs, Enterprise Risk Management and Internal Audit departments are designed to safeguard the interests of all SABIC stakeholders, including customers, employees and shareholders, and to manage SABIC’s risks in a way that promotes our 2025 goal of becoming the world’s preferred leader in chemicals.
The SABIC Legal Department, protects the business against legal risks, through legal advice and periodic review of contracts, policies, rules and regulations to be in line with the relevant rules and regulations issued in the jurisdictions where we operate.
Enterprise Risk Management focuses on ensuring a risk mindful culture, addressing key business interruption risks, ensuring a comprehensive consolidated insurance program and improving our data and process governance structure.
Internal Audit performs operational review of all aspects of activities in sectors and departments of SABIC and affiliates inside and outside Saudi Arabia. In addition, our Environment, Health, Safety and Security Department is responsible for supporting and protecting the Company and its affiliates in the field of environment, health, safety and security, as well as preparing policies and procedures to comply with relevant laws and regulations.