The Saudi Basic Industries Corporation (Sabic), the world’s fifth largest petrochemicals company, has announced the establishment of a new wholly-owned company Sabic Capital Limited in the Netherlands.
Mohamed Al-Mady, Sabic vice chairman and CEO, said the new company, set up with a paid up capital of euro18,000 ($24,465), will be primarily responsible for the financing and tax operations of Sabic’s investments in Europe and USA following the acquisition of DSM Petrochemicals, GE Plastics, and other companies.
Sabic is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.-TradeArabia News Service