SABIC further strengthens position in China

18-Apr-08
Mohamed Al-Mady, SABIC Vice Chairman and CEO at Chinaplas show said "SABIC Innovative Plastics was launched last year following the acquisition of GE Plastics in September, a move which takes us one step closer to realizing our strategic vision of becoming the world's preferred chemicals supplier. We are now a major global producer and supplier of advanced highly engineered thermoplastics in addition to being a major producer of basic and intermediate chemicals. SABIC Innovation Plastics is reaffirming its commitment to the Pacific region by adding significant production capability to its Pudong, Shanghai facility. In addition, the company is creating a unique Center of Excellence focused on notebook computers in its China Technology Center in Shanghai. SABIC's production expansion and new Center of Excellence are two more examples of SABIC Innovative Plastics' ongoing commitment to customers' success in Greater China and Asia. Expansions in China are a sign of the confidence that SABIC places in the economic opportunities in China and strongly supports SABIC's growth strategy of being among the world's top three petrochemical companies by 2020. In January this year, SABIC Signed a Heads of Agreement with SINOPEC, for the formation of a 50-50 joint venture to establish a one million metric tons per year ethylene derivatives complex in Tianjin, China. This agreement is a key milestone towards realizing SABIC's goal of establishing a manufacturing site in Asia.
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