Saudi Basic Industries Corporation - SABIC
Type: Public company
Founded: 1976Headquarters: HQ in Riyadh, Saudi Arabia; most operations in Jubail Industry: Manufacturing and hydrocarbon-based industry Revenue: $23.021 billion USD (2006) Net income: $5.412 billion USD (2006)
Employees: 19,000 (2006)Slogan: Sharing Our Future
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.
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; Polymers; Specialty Products; 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 January 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)"
May 21, 2007 - General Electric Co. has agreed to sell its struggling GE Plastics business to Riyadh-based chemicals company Saudi Basic Industries Corp. in an $11.6 billion cash deal, including $8.7 billion of its liabilities.
July 23, 2007 - Sabic ranked 5 in Chemicals companies, and it also ranked 301 (Previous rank: 307) in Forbes Global 500 list .
August 31, 2007 - General Electric Co. completes the sale of GE Plastics business to Saudi Basic Industries Corp.
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