SABIC

From Wikipedia, the free encyclopedia

Saudi Basic Industries Corp.

Type	Public company
Founded	1976
Headquarters	HQ in Riyadh, Saudi Arabia; most operations in Jubail
Key people	Chairman: Prince Saud Bin Thunayan Al-Saud
Industry	Manufacturing and hyrocarbon-based industry
Products	Chemicals and intermediates, industrial polymers, fertilizers and metals
Revenue	$18.852 billion
Employees	16,000
Slogan	?
Website	www.sabic.com

SABIC (Saudi Basic Industries Corp) is a diversified manufacturing company, active in chemicals and intermediates, industrial polymers, fertilizers and metals. It is the largest public company in Saudi Arabia as listed in Tadawul. The Saudi government, however, still owns 70% of its shares.It is based in Riyadh.

SABIC has interests in 17 affiliated companies which range from full ownership to significant partial participation.

SABIC is currently the second largest global Ethylene Glycol producer and is expected to become number one after the introduction of these new projects. SABIC is the third largest polyethylene manufacturer, the fourth largest polyolefins manufacturer and the sixth largest polypropylene manufacturer.

1 History
2 Subsidiaries
3 See also
4 External links

[edit] History

SABIC was founded in 1976 by Royal Decree to further exploit Saudi Arabia's natural hydrocarbon resources. SABIC's founding transformed the small fishing villages of Jubail on the Persian Gulf and Yanbu on the Red Sea into a modern industrial cities. From that point on, SABIC grew at an enormous rate. Production in 1985 was 6.5 million tons, 5 years later production rose to 13 million tons and by 2003 production has risen to 42 million metric tons and a total worldwide employment of 16,000 people.

From Sabic's website: "SABIC was established in 1976 to add value to Saudi Arabia's natural hydrocarbon resources. Today, SABIC is among the leading petrochemical companies in terms of sales and product diversity. Headquartered in Riyadh, SABIC is the Middle East's largest non-oil industrial company. (Global Ranking)"

"SABIC's businesses are grouped into six strategic business units, supported by corporate departments and a Shared Services organization. The SBU's are Basic Chemicals; Intermediates; Polyolefins; PVC and Polyester; Fertilizers and Metals. SABIC's manufacturing network in Saudi Arabia consists of 18 affiliates. Most of these are based in the Al-Jubail Industrial City on the Persian Gulf. Two are located in Yanbu Industrial City on the Red Sea and one in eastern province city of Dammam. SABIC is also partners in three regional ventures based in Bahrain."

" In July 2002, SABIC Europe was born after the acquisition of the petrochemicals business of Dutch group DSM. (SEP). SABIC Europe employs 2,300 people and has two major manufacturing locations in Geleen in the Netherlands and Gelsenkirchen in Germany."

" In Janury 2007, SABIC Europe took over Huntsman plants in the UK at North Tees and Tees Side.

"The vision that led to the creation of SABIC was closely associated with the aspirations of Saudi Arabia as a developing nation. SABIC continues to play an important role in achieving some of those aspirations, including the development of the country's human resources. We are also committed to Saudi social and cultural values and international business and environmental standards."

"SABIC is owned by the Saudi Government (70%) and the private sector (30%). Private sector shareholders are from Saudi Arabia and other countries of the six-nation Gulf Cooperation Council (GCC)"

http://www.sabic.com/sabic-www/index_Overview.htm