SABIC
From Wikipedia, the free encyclopedia
| Saudi Basic Industries Corp. | |
|---|---|
| Type | Public |
| Founded | 1976 |
| Headquarters | HQ in Riyadh, Saudi Arabia; most operations in Jubail |
| Key people | Chairman: Prince Saud Bin Thunayan Al-Saud CEO: Mohammed Al Mady |
| Industry | Manufacturing and hydrocarbon-based industry |
| Products | Chemicals and intermediates, industrial polymers, fertilizers and metals |
| Revenue | $23.021 billion USD (2006) |
| Operating income | $9.31 billion USD (2006) |
| Net income | $5.412 billion USD (2006) |
| Employees | 19,000 (2006) |
| 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, but the Saudi government still owns 70% of its shares. Private sector shareholders are from Saudi Arabia and other countries of the six-nation Gulf Cooperation Council (GCC)
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.[citation needed] The company is based in Riyadh and has interests in 17 affiliated companies which range from full ownership to significant partial participation.
[edit] History
SABIC was founded in 1976 by Royal Decree to further profit from 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 modern industrial cities. 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.[citation needed]
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 commenced operations in Europe 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 Corporation plants in the UK at North Tees and Teesside.
In May 21, 2007 the General Electric sold its GE Plastics business to SABIC in an $11.6 billion cash deal, including $8.7 billion of its liabilities,[1] the same completed on August 31, 2007. In the same year the company was ranked 301 (Previous rank: 145) in Forbes Global 2000 list. [2]
