Project Details
- Name:Sabic
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Sabic
SABIC (Saudi Basic Industries Corporation) is one of the world's leading companies in the petrochemical and chemicals industry. Established in 1976 by royal decree, SABIC's mission is to invest in Saudi Arabia's hydrocarbon resources and transform them into high-value industrial products. Headquartered in Riyadh, SABIC operates in over 50 countries and is a key player in the global chemical sector
History of SABIC:
- Founded in 1976 by royal decree.
- The first president of SABIC was Ghazi Al-Gosaibi, then Minister of Industry and Electricity.
- SABIC began its operations in the industrial cities of Jubail and Yanbu.
- SABIC witnessed significant growth during the 1970s and 1980s, expanding through large-scale industrial projects.
Operations:
SABIC operates through several business units, including:
- Chemicals: Includes olefins, oxygenates, and aromatic compounds.
- Innovative Plastics: Focuses on high-performance thermoplastics for the automotive, electronics, and medical device industries.
- Fertilizers: Includes urea, ammonia, and phosphate-based fertilizers.
- Metals: Produces steel and iron products.
Expansion and Acquisitions:
- 2002: SABIC acquired the petrochemical operations of Dutch company DSM.
- 2007: SABIC acquired the plastics division of U.S. company General Electric.
- 2019: Saudi Aramco acquired 70% of SABIC’s shares in a deal worth $69.1 billion.
Financial Performance:
- 2008: SABIC reported a net profit of 22 billion SAR.
- 2010: SABIC achieved a net income of 5.33 billion SAR.
- 2018-2019: SABIC's revenues reached $45.1 billion with profits of $5.7 billion.
Global Network:
SABIC operates in over 50 countries worldwide and owns more than 60 manufacturing plants in over 40 countries.
Manufacturing and Development:
SABIC focuses on improving manufacturing processes by developing new technologies and expanding its production capabilities to meet the growing demand in global markets.
Challenges:
In 2023, SABIC reported a loss of 2.77 billion SAR, marking the first annual loss for the company in 17 years.
SABIC continues to be a leader in the petrochemical industry and advanced technologies, with ongoing ambitions for growth and expansion both locally and internationally.