SAUDI ARABIA - Integrated & Downstream Ventures.
In parallel, the government and the state-owned NOC (Network Operations Center) A central or regional location for monitoring a large network. Also called a "network management center" (NMC), "service management center" (SMC) or "network control center" (NCC), a NOC may be used to manage a large enterprise network, Saudi Aramco Saudi Aramco, the state-owned national oil company of Saudi Arabia, is the largest oil corporation in the world and the world's largest in terms of proven crude oil reserves and production. have launched a new drive to stimulate development of integrated chemical industries to boost employment in the kingdom. PetroRabigh, a refinery and petrochemicals complex at Rabigh on the Red Sea is being developed with Sumitomo Chemcials of Japan at a cost of $8 bn (see down14SaudiRefOct3-05).
This is one of three petrochemical complexes being developed by Saudi Aramco with the aim of encouraging the growth of downstream industries. For the downstream there is emphasis on the Saudi private sector.
While European firms missed out on the first wave of investment in SABIC SABIC Saudi Basic Industries Corporation
SABIC Sample-Band Image Coding (currency counterfeit deterrence technique) ventures in the 1980s, Mo'ayyed al-Qurtas, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the private National Industrialisation Noun 1. industrialisation - the development of industry on an extensive scale
industrial enterprise, industrialization
manufacture, industry - the organized action of making of goods and services for sale; "American industry is making increased use of Company (NIC (1) (Network Interface Card) See network adapter. See also InterNIC.
(2) (New Internet Computer) An earlier Linux-based computer from The New Internet Computer Company (NICC), Palo Alto, CA. ) says they cannot afford to do so this time round. Saudi access to raw materials and its proximity to the fast growing economies of Asia give it a competitive advantage over its European and US counterparts in the petrochemicals industries. Qurtas says petrochemical firms in the past focused their downstream operations in Europe and the US, but "within three to five days sailing from Saudi Arabia you have a very substantial mass of the world's population and potential for growth".
Khalid al-Falih, director of Saudi Aramco's gas operations, says: "The view that higher...energy prices are with us to stay is driving industry to converge on the Middle East in general and Saudi Arabia in particular as the location of choice for petrochemicals". But while many companies are showing interest, few have signed up.
Falih adds: "Any company that wants to be number one or two will exclude themselves". But, he says, there is plenty of room for "niche players, who will come and pick up the pieces that the big players don't want".
MEED on Sept. 23 quoted Hugo Heath of HSBC HSBC Hongkong and Shanghai Banking Corporation
HSBC Humane Society of Broward County (Florida)
HSBC Humane Society of Bay County (Bay County, Michigan) as saying: "...there are very good reasons for being in Saudi Arabia. The question is who can get in and on what basis". He said there was huge interest, but there was a limitation...by the difficulty of bringing all the different elements together - from finance, to government allocations, to finding a local partner". He pointed out: "Some of these projects strike me as being somewhat analogous to producing a movie - someone's got to do the script, act, bring in the finance - it's quite a juggle".