As part of its strategy, Saudi Basic Industries Corporation (SABIC) plans to double its current production capacity of 55 mln tpa in 10 years time to 75 mln tpa in 2010 and 130 mln tpa in 2020. With this, SABIC will become a leading producer of petrochemical products in 2020.
SABIC, with total assets of US$68.3 bln and net profit of US$7.2 bln at 2007 end, has maintained a sustained growth since 1995 and would continue to follow the growth pattern till 2020. The year 2020 is company's strategic target to transform itself from a strong regional player into a major global player.
The Middle East is expected to control over 40% of all global petrochemical capacity by 2011. US$128 bln worth of petrochem projects are currently under construction or in the planning stages.
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