SABIC

The Saudi Basic Industries Corporation (SABIC) is a Saudi company operating in the petrochemical industries. It was founded in 1976 and has made innovation in chemistry its path. [1]

Its headquarters is in the city of Riyadh, and it runs operations in more than 50 countries worldwide, employing 33,000 men and women. [2]

The company's total production across its various business units reached 75 million metric tons in 2018. [2]

In the same year it recorded net income of 5.7 billion US dollars, annual sales of 45 billion US dollars, and total assets of 85 billion US dollars. [2]

SABIC has a research system comprising 20 research and technical centers spread across five main geographical regions worldwide. [1]

This system has contributed to the registration of about 11,000 patents in the company's name. [1]

SABIC ranks third worldwide in the petrochemical sector. [4]

Total petrochemical output in 2019 at Saudi Aramco and SABIC together reached about 90 million tons, including agricultural nutrients and specialty products. [3]

On 19 July 2018, Saudi Aramco confirmed that it was taking part in early discussions with the Public Investment Fund to obtain a strategic stake in SABIC through a private purchase transaction. [11]

On 27 March 2019, a share purchase agreement was signed to acquire a majority stake of 70% in SABIC from the Public Investment Fund, in a private transaction valued at 259.125 billion Saudi riyals (69.1 billion US dollars), at a price equivalent to 123.39 riyals per share. [2]

Saudi Aramco completed its acquisition of the same stake on 17 June 2020; it is the largest transaction in the Saudi capital market, Tadawul. [3]

The joint venture between Sinopec and SABIC Tianjin Petrochemicals was inaugurated in Beijing on 3 November 2009, with investments of two billion and seven hundred million US dollars and an annual production capacity of 3.2 million tons of various petrochemical products. [8]

The joint venture SABIC Fujian Petrochemicals Company Limited was established in March 2022 with a 51% to 49% split between SABIC Industrial Investments and Fujian Fuhua Gulei Petrochemical. [7]

Investments in the SABIC Fujian Petrochemicals complex amount to 44.8 billion Chinese yuan (6.4 billion US dollars), the largest foreign investment in Fujian Province. It consists of a mixed-feed steam cracker whose expected annual ethylene production capacity reaches 1.8 million tons. [6]

On 18 December 2022, Saudi Aramco, Sinopec and SABIC announced that they were exploring opportunities for cooperation in refining and petrochemical projects in China and the Kingdom. [12]

On 12 March 2007, SABIC and the Saudi Arabian Mining Company (Ma'aden) signed a heads of terms agreement for a strategic partnership in the Ma'aden phosphate project. [9]

In September 2018, SABIC confirmed that it had obtained all approvals from the competition authorities for its acquisition of a 24.99% stake in the shares of the Swiss company Clariant AG. [10]

On 25 December 2019, SABIC and its subsidiary the Saudi Arabian Fertilizer Company (SAFCO) signed a share purchase agreement under which SAFCO acquires SABIC Agricultural Nutrients Investments, in exchange for shares that raise SABIC's stake in SAFCO to 50.1%. [13]

Saudi Aramco and SABIC announced their intention to transfer responsibility for marketing and selling a number of petrochemical and polymer products to SABIC, and to transfer the purchase and resale of a number of SABIC products to Aramco Trading, gradually during 2021. [5]

Q: When was SABIC founded and in which sector does it operate? A: It was founded in 1976 and operates in the petrochemical industries. [1]

Q: Where is SABIC headquartered and how many people work there? A: Its headquarters is in Riyadh, it runs operations in more than 50 countries, and it employs 33,000 men and women. [2]

Q: What is SABIC's total production and what were its financial figures for 2018? A: 75 million metric tons of total production, net income of 5.7 billion dollars, annual sales of 45 billion dollars, and total assets of 85 billion dollars. [2]

Q: Who acquired the majority stake in SABIC and when? A: Saudi Aramco acquired a 70% stake, by an agreement on 27 March 2019 and a completion on 17 June 2020. [2][3]

Q: What is SABIC's standing in the petrochemical industry? A: It ranks third worldwide in the petrochemical sector. [4]

SABIC was founded in 1976, its total production in 2018 reached 75 million metric tons [1][2], and after Saudi Aramco completed its acquisition of a 70% stake in it in 2020 [3], its operations are spread across more than 50 countries with a research system of 20 centers and about 11,000 patents. [1][2]