Vision Is to Be World Leader in Chemicals; SABIC's Stunning Success Story THE Saudi Basic Industries Corporation - SABIC for Short - Came to Teesside in 2006 after Its Pounds 350m High-Profile Acquisition of Huntsman's Former UK Petrochemicals Business. Here, Bill Perfitt, SABIC's UK Director of Public Affairs, Explains the History of SABIC and Why Its Development on Teesside Is So Important
SABIC is a relatively young company by chemical industry standards. It was created by royal decree just over 30 years ago in what was seen as a bold step for a developing country.
It marked a move into using the by-products of oil extraction in the Middle East to produce value-added commodities - such as chemicals, polymers and fertilizers - for export. These commodities were also intended to create new industries, helping Saudi Arabia to diversify and to develop.
SABIC's emergence in the 1980s was described by industry media as "one of the most rapid and coherent industrialization developments of the 20th century".
And SABIC has not stopped since. In 1985 its total production was 6.3 million metric tons (mmt); by the end of 2005 it had reached 46.7 mmt and SABIC is now ranked among the top industry players, with a targeted capacity of 60 mmt per year.
Just over 30 years after its modest beginnings, SABIC has grown rapidly to take its place among the world leaders in its field.
SABIC is the largest and most profitable non-oil company in the Middle East and one of the world's 10 largest petrochemicals manufacturers. It is a public company based in the Saudi capital, Riyadh and the Saudi Arabian government owns 70% of its shares, with the remaining 30% held by private investors in Saudi Arabia and other countries of the Gulf Cooperation Council (GCC).
SABIC bases its driving ambition for future expansion and success on three powerful pillars: Investment in local partnerships; The best research and technology programmes; An ambitious global growth strategy. …