Saudi Basic Industries Corp. (Sabic), in announcing Friday the start of work on a S$100 million technology center in Shanghai, is an extension of the petrochem giant's commitment in the further development of China industrial technology. The latest development is considered as "the best possible leveraging of the investment Sabic is making." Sabic ranks among the world's top petrochemical companies, and is a global market leader in the production of polyethylene, polypropylene, advanced thermoplastics, glycols, methanol and fertilizers. Sabic manufactures with a global footprint in the Americas, Europe and Asia Pacific, operating in more than 40 countries across the world. It has significant research resources with 18 dedicated Technology & Innovation facilities in Saudi Arabia, the US, the Netherlands, Spain, India and China. Ernesto Occhiello, Sabic Executive Vice President of Technology and Innovation, said: "A cornerstone of sustainable development in China's next phase of growth is the ability of local industries to become innovation powerhouses on the global stage. Sabic has the ambition to deliver long term success for our stakeholders." The center will house some 400 employees who will relocate to this new facility when completed in 2013. In addition to commercial and corporate function staff, there is a research & development team of over 200 scientists and engineers who will focus on advanced engineering plastics materials that can be used in a broad array of industries from automotive, personal electronics, IT, alternative energy, building and constructions to infrastructures. A new feature of the center includes the China Automotive Innovation Hub to drive next generation materials solutions. With environmental sustainability in mind, the center will be built with the highest global green standards in line with the guidance by the Leadership in Energy and Environment Design (LEED) Gold Certification. The global certification standard provides industry verification that the facility has been designed and built to achieve high performance in key areas such as: sustainable site development water savings, energy efficiency, materials selection and indoor environmental quality. Madam Liu Zhengyi, Deputy Governor of Shanghai Pudong New Area, said " Sabic is one of the largest petrochemical companies in the world and with its growing investment in research, we are confident that Sabic will empower more industries to innovate with its material solutions. We will continue to create an even more favorable environment for multinational companies, like Sabic, to be successful." Besides putting Sabic closer than ever to Chinese customers, the new Shanghai technology center will help the Saudi company attract top global talent from into its operations, Occhiello added. “China is very important to Sabic,” he said. Sabic earlier this year signed a cooperation agreement with Sinopec of China to explore new business. Sabic currently has plants in Shanghai and Guangzhou, and is building a $2.7 billion joint venture facility in Tianjin with Sinopec, as well as a compounding plant in Chongqing. Besides its current direct investments in China, Sabic is looking into making investments in the country through Sabic Ventures, which investment company it started about a half year ago that targets small businesses.
