January 8, 2023 - SABIC, a global leader in diversified chemicals, announced on the signing of a Memorandum of Understanding on December 15 with Aramco and China Petrochemical Corporation (Sinopec) for an economic and technical feasibility study to develop an integrated petrochemical complex with an existing refinery in Yanbu, Saudi Arabia.
Abdulrahman Al-Fageeh, SABIC CEO, said, “SABIC is always looking to utilize cutting edge innovation, technologies and solutions to further strengthen our leading position in the global petrochemical industry. This project is an important milestone in the realization of Crude oil-to-Chemicals. It forms a key part in the strategic diversification of the Kingdom’s industries and economy to achieve greater economic prosperity.”
The partnership falls in line with SABIC’s growth strategy which supports the Kingdom’s overall strategy to convert around 4 million barrels per day of crude oil to chemicals.
SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals. SABIC has customers in markets such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. SABIC recorded a net profit of SAR 23 billion (US$ 6.15 billion) in 2021. Sales revenues for 2021 totaled SAR 174 billion (US$ 46.6 billion). Total assets stood at SAR 318 billion (US$ 84.9 billion) at the end of 2021. Production in 2021 stood at 58 million metric tons. The company has more than 31,000 employees worldwide and operates in around 50 countries. SABIC has 10,090 patents and pending applications, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia..