Sabic explores Chinese business opportunities
Riyadh, December 30, 2013
Saudi Basic Industries Corporation (Sabic), a diversified manufacturing company, active in chemicals and intermediates, industrial polymers, fertilisers and metals, discussed new business opportunities with a visiting high-level Chinese delegation in Riyadh.
The delegation from the Jiangsu Province, led by Vice Governor Fu Ziying and accompanied by Chinese Ambassador Li Chengwen, was met by Mohamed Al-Mady, Sabic’s vice chairman and CEO and other company executives.
The Sabic leaders expressed interest in exploring likeminded businesses in Jiangsu for investment options to fuel business growth, as the province is a major player in China’s petrochemical industry with some of the country’s largest facilities.
Al-Mady said: “China’s trusted business environment has encouraged us to produce new synergies that boost our overall relations. Jiangsu is an important part of China’s successful growth story and Sabic is keen on building mutual commitment for new business initiatives.
“We are indeed encouraged by the Vice Governor’s visit and are studying the possibility of establishing a long-term commercial relationship that drives growth on both sides.”
During the visit, the delegation discussed Sabic’s growing relationship with China’s business sector and academia to promote science, technology and innovation to develop solutions that will help meet the country’s future challenges.
In order to drive local materials technology, application development expertise, and design assistance, Sabic has devoted more than 200 application development and materials technologists to China since 2001 to enable new technologies at original equipment manufacturers (OEMs), original design manufacturers (ODMs) and processors.
The company’s investments in China include a polycarbonate production complex in Tianjin, a 10-year Research Cooperation Agreement with Dalian Institute of Chemical Physics, and a Sabic Technology Center in Shanghai, besides its on-going partnership in the Sinopec Sabic Tianjin Petrochemical Company. - TradeArabia News Service