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SABIC signs MoUs with six multinational suppliers

Petrochemicals

Petrochemicals company SABIC announced on 29 November in Riyadh that it has signed memorandum of understandings (MoUs) with six multinational suppliers to establish strategic alliances

The company stated that the suppliers include German conglomerate Siemens, Swiss technology firm ABB, US-Japanese manufacturer Elliott Group, two Japan-based engineering companies Yokogawa and Mitsubishi and the US manufacturer Emerson.

The memorandum sets out the framework of cooperation between the parties to enable SABIC to seek joint opportunities and achieve top quartile performance in manufacturing, it added.

The strategic purpose of these alliances is to support Saudi 2030 vision by stimulating national economy and local content, achieving industry-leading performance, leveraging technology innovation, enhancing knowledge sharing and identifying lucrative opportunities with market-leading organisations.

Yousef Al-Benyan, SABIC vice chairman and CEO, said, “The announcement signals a new phase in our relationship with six of the world’s most forward-looking organisations and supports our efforts to become the world’s preferred petrochemical supplier.”

He added, “We believe in creating smart opportunities and meaningful relationships with companies who can help drive positive sustainable strategic change within our business and the wider community. Our focus is on connecting and collaborating with organisations to influence the megatrends that are transforming our world – this is Chemistry that Matters™.”

SABIC stated that its business strategy places emphasis on fostering high-value collaborations with market-leading companies that can help SABIC and the Kingdom of Saudi Arabia to secure long-term growth opportunities.

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