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Article: The Saudi Petrochemicals Sector; Big Expansions Ahead By SABIC & Saudi Aramco.(Company overview)
- Article from:
- APS Review Downstream Trends
- Article date:
- October 12, 2009
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The Saudi Arabian Basic Industries Corp (SABIC), owned 70% by the state and 30% by Saudi and other GCC investors, is one of the world's largest producers and exporters of petrochemicals. Before it bought the Dutch firm DSM Petrochemicals in 2002 it was the world's No. 22. The acquisition raised its ethylene output capacity by 1.2m tons to 6.9m t/y and gave it a key to the EU. In 2007, it grew further with a $11.6 bn acquisition of GE Plastics of the US. Expanding at home, it is still on the lookout for major acquisitions or JVs on both sides of Suez - with a world glut now forcing some Western producers of petrochemicals to shut down some of their capacity and/or offer ...