SABIC
Saudi giant eyes further development in Asia / Potential for shale gas in the region / Possible plans for new cracker in the US
 Sabic management and Singapore officials meet in Riyadh for exchange of views. Third and fourth from left: Sabic CEO Mohamed Al-Mady and Singapore Minister of State Lee Yi Shyan (Photo: Sabic) |
Saudi Arabian petrochemical giant Sabic (Riyadh; www.sabic.com) is casting a sharp eye at Asia, the largest market for its products. Lee Yi Shyan, Singapore’s senior minister of state, ministry of trade and industry and national development, recently visited Riyadh for an exchange of views with Prince Saud bin Abdullah bin Thenayan Al-Saud, chairman of Sabic and the Royal Commission for Jubail and Yanbu, and the company’s vice chairman and CEO, Mohamed Al-Mady, on how to further business relations. The Saudi group has its Asian headquarters in Singapore.
The two Sabic executives also took part in the “Boao Forum for Asia” (BfA) annual conference in Hainan / China held from 6-8 April 2013. Here, Al-Mady noted that “the economic trends in Asia are not dissimilar to those found in the Middle East and Saudi Arabia,” where rapidly growing economies and a strong and expanding middle-class will lead to high wages and consumption and thus increased demand. While saying that “China will continue to play a major role in enabling Asian economies growth and steering the global economy stability,” the Sabic CEO said the rise of other Asian economies such as the large and resource-rich Indonesia, “will also lead to an expanded presence in terms of opportunities and growth.”
Speaking at the keynote roundtable on shale gas at the China conference, Al-Mady pointed to the potential for the unconventional gas in Asia and remarked that “it will create global shifts in economic power.” In embracing such novel feedstocks as shale gas-based feedstock, he said “we believe the answer lies in bringing sustainability and innovation together. To us, sustainability requires innovation and innovation finds its value in sustainability. Novel concepts towards ‘additive manufacturing’ tightly connecting innovation, manufacturing, supply chain, and commercialisation pioneered by the chemical industry will result in more efficiency and less waste.”
Sabic is said to be planning to build a new shale gas-fed cracker in the US. To fully capitalise on the boom, the group is currently in talks with prospective partners to invest in at least one or two related US projects, news agencies quote Al-Mady as saying on the fringes of the China conference.
The two Sabic executives also took part in the “Boao Forum for Asia” (BfA) annual conference in Hainan / China held from 6-8 April 2013. Here, Al-Mady noted that “the economic trends in Asia are not dissimilar to those found in the Middle East and Saudi Arabia,” where rapidly growing economies and a strong and expanding middle-class will lead to high wages and consumption and thus increased demand. While saying that “China will continue to play a major role in enabling Asian economies growth and steering the global economy stability,” the Sabic CEO said the rise of other Asian economies such as the large and resource-rich Indonesia, “will also lead to an expanded presence in terms of opportunities and growth.”
Speaking at the keynote roundtable on shale gas at the China conference, Al-Mady pointed to the potential for the unconventional gas in Asia and remarked that “it will create global shifts in economic power.” In embracing such novel feedstocks as shale gas-based feedstock, he said “we believe the answer lies in bringing sustainability and innovation together. To us, sustainability requires innovation and innovation finds its value in sustainability. Novel concepts towards ‘additive manufacturing’ tightly connecting innovation, manufacturing, supply chain, and commercialisation pioneered by the chemical industry will result in more efficiency and less waste.”
Sabic is said to be planning to build a new shale gas-fed cracker in the US. To fully capitalise on the boom, the group is currently in talks with prospective partners to invest in at least one or two related US projects, news agencies quote Al-Mady as saying on the fringes of the China conference.
10.04.2013 Plasteurope.com [225031-0]
Published on 10.04.2013