Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

SABIC Opens New Prospects in Petrochemicals Investment

SABIC Opens New Prospects in Petrochemicals Investment

Monday, 3 December, 2018 - 11:30
Riyadh- Shujaa al-Bogmi
Petrochemicals company SABIC’s announcement of signing memorandums of understanding (MoUs) with six multinational suppliers to establish strategic alliances has opened new global investment prospects in the petrochemical industries.

The company signed on Thursday deals with six suppliers including German conglomerate Siemens, Swiss technology firm ABB; US-Japanese manufacturer Elliott Group; and two Japan-based engineering companies, Yokogawa, Mitsubishi, and US manufacturer Emerson.

The memorandum sets out the framework of cooperation between the parties to enable SABIC to seek joint opportunities and achieve top quartile performance in manufacturing.

The strategic purpose of these alliances is to support Saudi 2030 vision by stimulating national economy and local content, achieve industry-leading performance, leverage technology innovation, enhance knowledge sharing and identification of lucrative opportunities with market-leading organizations.

Yousef Al-Benyan, SABIC vice chairman and CEO, said, “The announcement signals a new phase in our relationship with six of the world’s most forward-looking organizations and supports our efforts to become the world’s preferred petrochemical supplier.”

He added, “We believe in creating smart opportunities and meaningful relationships with companies who can help drive positive sustainable strategic change within our business and the wider community. Our focus is on connecting and collaborating with organizations to influence the mega-trends that are transforming our world – this is Chemistry that Matters.”

SABIC stated that its business strategy places emphasis on fostering high-value collaborations with market-leading companies that can help SABIC and the Kingdom of Saudi Arabia to secure long-term growth opportunities.

The General Authority for Statistics issued results of Index of Industrial Production during the Second Quarter of 2018. The survey results indicated an increase of 4.17% in the industrial production index during the second quarter of 2018, compared to the first quarter of the same year. The index registered 137.87 points during the second quarter, 2018.

As for the industrial production index activities, the mining and quarrying indicator rose by 1.89%, whereas the manufacturing production increased by 5.07%. However, the production of the electricity and gas supply registered an increase with 83.46% when compared to the first quarter of 2018.

The results also showed an increase of 5.84% in all industrial activities compared to the second quarter of 2017. The growth in mining and quarrying production reached 1.95%, while the manufacturing production growth registered 16.44%. However, the production of electricity and gas supply decreased by 0.30%.

Editor Picks