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Custodian of the Two Holy Mosques patronizes inauguration ceremony of a number of development projects worth SR45 billion in Yanbu 2 Yanbu, Saudi Arabia
Mady said SABIC has taken advantage of the global economic downturn by focusing on areas of strengths in its distinct evolution, by supporting its customers and getting closer to them and by expanding its marketing network and developing its employees around the world. Besides, SABIC has given scientific research and technological development high priority and maximum attention, he said, citing agreements between SABIC and each of King Abdullah University of Science and Technology and King Saud University to establish strategic partnership and help develop prospects for cooperation in research that will develop the plastic industry based on the universities' sophisticated environment and the great potential for even more research in the future. Al-Mady went on to say that SABIC has developed a strategic plan to the preferred world leader in chemicals through the growth and diversity of its production to meet the growing global demand. YANSAB complex, which was inaugurated today by the King, comes within this plan, SABIC's Vice President and CEO added. He said the monarch's visit coincides with the auspicious first day when it begins production, with total investments amounting to nearly twenty billion Saudi riyals. The complex comprises eight plants with annual production capacity exceeding four million metric tons of petrochemical products and basic materials, he added. Moreover, the King has inaugurated the National Industrial Gases (GAS) expansion project III with a cost of more than nine hundred million Saud riyals, which will add 1.6 million tons of oxygen and nitrogen products annually, he said, adding that this is in addition to laying the foundation stone for the expansion of Arabian Industrial Fibers Company (Ibn Rushd) with more than five billion Saudi riyals, bringing to four million tons of petrochemical products the capacity of the complex. Al-Mady revealed that SABIC is currently studying the feasibility of establishing a plant for the production of synthetic rubber jointly with Exxon Mobil, SABIC's partner in YANPET industrial complex. --More
