Chinese chemical industry leader visits SABIC headquarters

01 Nov '11

2 min read

The Saudi Basic Industries Corporation (SABIC) hosted a Chinese delegation, led by Li Yongwu, Chairman of China Petroleum and Chemical Industry Federation, at its headquarters in Riyadh on October 29. Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC, and Mohamed Al-Mady, SABIC Vice Chairman and CEO, received the delegation.

Li Yongwu also visited the SABIC Technology Center at the Riyadh Industrial City after a lunch reception held in his honor at the headquarters.

Commenting on the visit, Al-Mady said, “We are indeed happy to receive such dignitaries from China's ever-expanding chemical industry. They reflect our rapidly growing presence in China and our ambition to be the preferred petrochemical supplier in this important country. We have embarked on a series of projects as part of our growth plans in China, including manufacturing and technology & innovation operations. Our focus remains on helping our customers create products that improve the quality of life around the world.”

Li Yongwu is also the Chairman of the Presidium of China Federation of Industrial Economics. His earlier assignments include Minister of State Administration of Petroleum and Chemical Industry, and Deputy Minister of the Chemical Industry.

Saudi Basic Industries Corporation (SABIC) ranks among the world's top petrochemical companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.

SABIC recorded a net profit of SR 21 billion (US$ 5.6 billion) in 2010. Sales revenues for 2010 totaled SR 152 billion (US$ 40.5 billion). Total assets stood at SR 317 billion (US$ 84.5 billion) at the end of 2010.

Saudi Basic Industries Corporation (SABIC)

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