Sabic unveils big China growth plan.
(Date: Tuesday, April 03, 2012 ) Petrochemical giant Saudi Basic Industries Corporation (Sabic) has announced plans to expand its manufacturing operations in Tianjin and Chongqing, and to build a dedicated research resource in Shanghai in line with its China growth plan. Delivering on its growth commitment in China, the Saudi group also announced the signing of a research co-operation agreement with the Dalian Institute of Chemical Physics. These announcements underscore Sabic's strategic growth plan to support China's expanding domestic demand for petrochemical materials, remarked Prince Saud bin Abdullah bin Thenayan Al-Saud, the chairman of the Royal Commission for Jubail and Yanbu and Sabic. Prince Saud is on a high profile visit to China leading a delegation of senior Sabic officials including Mohamed Al-Mady, vice chairman and CEO. The team will be holding high level exchanges with senior government officials in Boao, Beijing, Chongqing, Shanghai, and Tianjin. Highlighting the importance of Chinese market, Prince Saud said: "China's success is our success. Sabic is committed to supporting the Chinese government's 12th five-year plan to promote economic and industrial growth and social development with the aim to achieve win-win for the government of China, our customers, partners, and employees." Al-Mady pointed out that China today represented the fastest growing market for Sabic globally with strong double-digit growth since 1980. 'We continue to enhance our proximity to serve by strategically positioning global capacities to best meet the needs of our customers,' he stated. A key strategy for expanding Sabic's manufacturing capacity is its long-term partnership with China Petroleum & Chemical Corporation (Sinopec). Located at the existing Sinopec Sabic Tianjin Petrochemical Company (SSTPC) site, a polycarbonate production complex will be built with an annual 260 kilo metric tons capacity when it is fully operational in 2015. This polycarbonate project was announced in May 2011 and approved by China's National Development and Reform Commission (NDRC) in January this year. Both parties signed the agreement in the presence of China Premier Wen Jiabao, and Saudi Arabia King Abdullah bin Abdulaziz. 'Through our expanded manufacturing capacities, and research resources and capabilities across key Chinese cities, Sabic will deliver a broad portfolio of sustainable materials that will help local industries design products that are relevant and impactful to China and the world,' he added. Sabic Asia, which was established in 1980, has over 40 offices and more than 2,200 employees across the region. With nine manufacturing and compounding sites in China, India, Japan, Korea, Malaysia, Singapore and Thailand, Sabic constantly strives to better serve customers in the Asian region. Sabic currently provides its petrochemical materials to customers across diverse industries from automotive, consumer electronics, energy, infrastructure, healthcare and transportation- TradeArabia News Service Copyright 2012 www.tradearabia.com Copyright 2012 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |