Saudi Basic Industries Corp.(SABIC) discussed pursuing new ventures for investments, during a recent visit by a senior British delegation.
The delegation
The British delegation was headed by Lord Green of Hurstpierpoint, minister of state for trade and investment and was accompanied by Edward Oakden, managing director of UK Trade and Investment, and Chris Innes-Hopkins, director UK Trade & Investment at the British Embassy in Riyadh.
The delegations met with Vice Chairman and CEO Mohamed Al-Mady at the company's headquarters in Riyadh.
Opportunities
Al-Mady and Lord Green discussed the prospects for exploring new opportunities between SABIC and British companies largely in light of the fact that SABIC has considerably boosted its presence in the country after its acquisition of Huntsman Petrochemicals in 2006.
Al-Mady said the British delegation's visit comes at a time when SABIC is optimising its international operations.
"The creation of SABIC UK Petrochemicals was part of this global strategy, with the company now boasting a new state-of-the-art 400,000 metric tonnes/year LDPE plastics production plant in Wilton, Teesside - the largest of its kind in the world. Operations also comprise a cracker unit and aromatics compounding complex," Al-Mady said.
"We believe that opportunities will be available in UK, a world leader in manufacturing, technology, research and development in addition to bio sciences and creative industries which are receiving support from the wide spread existing UK services sector," Al-Mady added.
SABIC is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilisers.
