SABIC seeks gains from new Chinese ventures

Mohamed Al-Mady, SABIC vice chairman and CEO, has expressed his hope of furthering SABIC’s commercial ties with China’s business sector, specifically with the Jiangsu Province. “China’s trusted business environment has encouraged us to produce new synergies that boost our overall relations,” he said. His remarks came as SABIC welcomed a high-level Chinese delegation from the Jiangsu Province, led by Vice Governor Fu Ziying, at its headquarters in Riyadh. A press release said the visit takes place at a time when the booming manufacturing sector in China is creating new opportunities for the company to contribute to the country’s growing prosperity. The delegation, which was accompanied by Chinese Ambassador Li Chengwen, was extended a warm welcome by the CEO and top company executives. The SABIC leaders, fresh from the recent launch of the company’s state-of-the-art technology center in Shanghai, expressed keen interest in exploring likeminded businesses in Jiangsu for investment options to fuel business growth. SABIC attaches considerable importance to Jiangsu, as a major market for the company, thanks to the strong demand and favorable economic climate. The province is a major player in China’s petrochemical industry hosting some of China’s largest facilities. Al-Mady also said 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. “SABIC is committed to be an inclusive growth partner in the markets in which we operate,” Al-Mady said. “Our commitment to China also covers sustainability, where SABIC is creating economic value, protecting natural capital, investing in people, and caring for local communities,” said Al-Mady. SABIC’s investments in China has grown multifold in recent times: 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. Source: Arab News