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m Epicgenius moved page SABIC (Saudi Basic Industries Corporation) to SABIC without leaving a redirect: revert unexplained move; this term is not ambiguous and other terms can be redirected here.
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{{short description|Saudi chemicals company}}
{{short description|Saudi chemicals company}}
{{Infobox company
{{Infobox company
| name = Saudi Basic Industries Corporation (SABIC)
| name = SABIC
| trade_name = SABIC
| logo = SABIC_logo.svg
| logo = SABIC_logo.svg
| image = SABIC Global Headquarters.jpg
| image =
| image_size = 261x261px
| image_size = 261x261px
| image_alt =
| image_alt =
| image_caption = SABIC Global Headquarters in [[Riyadh]], [[Saudi Arabia]]
| image_caption = SABIC Global Headquarters in [[Riyadh]], [[Saudi Arabia]]
| native_name = سابك
| native_name = الشركة السعودية للصناعات الأساسية (سابك)
| native_name_lang = ar
| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{Lang|[code]|[name]}} in native_name = and leave native_name_lang = empty. -->
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{Saudi Stock Exchange|2010}}
| traded_as = {{Saudi Stock Exchange|2010}}
| foundation = {{start date and age|1976}}
| foundation = {{start date and age|1976|09}}
| location = [[Riyadh]], [[Saudi Arabia]]
| hq_location_city = [[Riyadh]]
| hq_location_country = [[Saudi Arabia]]
| key_people = KHALID HASHIM ALDABBAGH , (Chairman) <br>[[Yousef Al-Benyan|Yousef Abdullah Al-Benyan]], (CEO)
| key_people = {{Unbulleted list|Khalid Hashim Al-Dabbagh ([[Chairman]])|Abdulrahman Al-Fageeh ([[Chief executive officer|CEO]])}}
| num_employees = 35,000 (2017)
| num_employees = 32,721 (2019)
| industry = [[Chemical industry|Chemicals]]
| industry = [[Chemical industry|Chemicals]]
| products = [[Chemicals]] and intermediates, industrial [[polymers]], [[fertilizers]] and [[metal]]s
| products = [[Chemicals]] and intermediates, industrial [[polymers]] and [[fertilizers]]
| revenue = {{Increase}} US$52.92&nbsp;billion<ref name="FY">https://www.sabic.com/en/reports/annual-2022 {{Bare URL inline|date=August 2024}}</ref>
| revenue = $39.8 billion [[United States dollar|USD]] (2017)
| revenue_year = 2022
| profit = $6.78 billion USD (2017)
| net_income = {{Decrease}} US$4.41&nbsp;billion<ref name="FY"/>
⚫
| parent = [[Saudi Aramco]]
| net_income_year = 2022
⚫
| homepage = {{url|http://www.sabic.com/}}
| operating_income = {{Decrease}} US$6.37&nbsp;billion<ref name="FY"/>
| income_year = 2022
| assets = {{Decrease}} US$83.49&nbsp;billion<ref name="FY"/>
| assets_year = 2022
| equity = {{Increase}} US$49.61&nbsp;billion<ref name="FY"/>
| equity_year = 2022
⚫
| owner = [[Saudi Aramco]] (70%)
⚫
| homepage = {{url|https://www.sabic.com/}}
}}
}}
'''SABIC (Saudi Basic Industries Corporation)''' is a Saudi [[multinational corporation|multinational]] chemical manufacturing company which is a subsidiary of [[Saudi Aramco]]. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals.<ref>{{cite web |url= https://www.investing.businessweek.wallst.com/research/stocks/snapshot/snapshot_article.asp?ticker=SABIC:AB |title=SAUDI BASIC INDUSTRIES CORP (SABIC:Saudi Arabia): Stock Quote & Company Profile - Businessweek|work=investing.businessweek.com |accessdate=11 May 2018}}</ref> It is the second largest [[public company]] in the [[Middle East]] and [[Saudi Arabia]] as listed in [[Tadawul]]. 70% of SABIC's shares are owned by [[Saudi Aramco]].<ref>[https://www.forbes.com/global2000/#p_1_s_acompanyRankOverall_All_All_SaudiArabia Forbes: Global 2000 Leading Companies] ''Forbes Middle East''</ref> Private shareholders are from Saudi Arabia and other countries of the six-nation [[Gulf Cooperation Council]] (GCC).
'''Saudi Basic Industries Corporation''' ({{langx|ar|الشركة السعودية للصناعات الأساسية}}), known as '''SABIC''' ({{langx|ar|سابك}}), is a Saudi chemical manufacturing company. 70% of SABIC's shares are owned by [[Saudi Aramco]].<ref>{{Cite news |last1=Wilson |first1=Tom |last2=Al-Atrush |first2=Samer |date=2022-03-20 |title=Saudi Aramco net revenues double to $110bn on surging oil demand |work=Financial Times |url=https://www.ft.com/content/df47949a-380a-43ca-9286-dfa89ed9016e |archive-url=https://ghostarchive.org/archive/20221211221211/https://www.ft.com/content/df47949a-380a-43ca-9286-dfa89ed9016e |archive-date=2022-12-11 |url-access=subscription |url-status=live |access-date=2022-03-21 }}</ref><ref>[https://www.forbes.com/global2000/#p_1_s_acompanyRankOverall_All_All_SaudiArabia Forbes: Global 2000 Leading Companies] ''Forbes Middle East''</ref> It is active in petrochemicals, chemicals, industrial polymers and fertilizers.<ref>{{cite web|url=https://www.investing.businessweek.wallst.com/research/stocks/snapshot/snapshot_article.asp?ticker=SABIC:AB|title=SAUDI BASIC INDUSTRIES CORP (SABIC:Saudi Arabia): Stock Quote & Company Profile - Businessweek|work=investing.businessweek.com|access-date=11 May 2018|archive-date=28 March 2019|archive-url=https://web.archive.org/web/20190328142327/https://www.investing.businessweek.wallst.com/research/stocks/snapshot/snapshot_article.asp?ticker=SABIC:AB|url-status=dead}}</ref> It is the second largest [[public company]] in the [[Middle East]] and [[Saudi Arabia]] as listed in [[Tadawul]].


In 2017, SABIC was ranked fourth in the world among chemical companies by [[Fortune Global 500]].<ref>[http://www.process-worldwide.com/management/markets_industries/articles/378663/] ''Process Worldwide''</ref> By the end of 2018 SABIC was the world's 281st-largest corporation.<ref>{{Cite web |date=2017-09-16 |title=SABIC Financials and News {{!}} Global 500 |url=http://fortune.com/global500/sabic/ |archive-url=https://web.archive.org/web/20170916121529/http://fortune.com/global500/sabic/ |archive-date=2017-09-16 |access-date=2024-06-12 |website=fortune.com}}</ref> In 2014, the company had sales revenues of $50.4 billion, profits of $6.7 billion and assets standing at $90.4 billion.<ref>{{Cite web |last1=Murphy |first1=Andrea |last2=Tucker |first2=Hank |date=June 8, 2023 |title=The Global 2000 2023 |url=https://www.forbes.com/lists/global2000/ |access-date=2024-06-12 |website=Forbes |language=en}}</ref> It also has been recognized as the world's second most valuable brand in the chemicals industry by Brand Finance in 2021.<ref>{{Cite web |title=Brand Spotlight: SABIC {{!}} Brand Finance |date=2 February 2021 |url=https://brandfinance.com/insights/brand-spotlight-sabic |access-date=2022-04-05 |language=en-US}}</ref>
SABIC was the world's fourth-largest [[List of largest chemical producers|chemical producer]] in 2013. It is currently the second-largest global [[ethylene glycol]] producer and is expected to top the list after the introduction of new projects. SABIC is the third-largest [[polyethylene]] manufacturer, the fourth-largest [[polyolefins]] manufacturer, and the fourth-largest [[polypropylene]] manufacturer.<ref name=sab/> SABIC is also the world's largest producer of [[methyl tert-butyl ether]], granular urea, polycarbonate, polyphenylene and polyether imide.


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[[File:SABIC office Sittard.jpg|thumb|260x260px|SABIC European Head Office in [[Sittard]], the Netherlands]]
In 2017, SABIC was ranked fourth in the world among chemical companies by [[Fortune Global 500]],.<ref>[http://www.process-worldwide.com/management/markets_industries/articles/378663/] ''Process Worldwide''</ref> By the end of 2018 SABIC was the world's 281th-largest corporation.<ref>[http://fortune.com/global500/sabic/] ''Fortune Global 500''</ref> In 2010, SABIC grew to be the second-largest diversified chemical company, or first when measured only by asset value. Measured over all its branches, it became (as of 2014) the world's 98th-largest corporation on the [[Forbes Global 2000]] ranking (which lists only publicly traded companies), with sales revenues of $50.4 billion, profits of $6.7 billion and assets standing at $90.4 billion.<ref>[https://www.forbes.com/global2000/list/] ''Forbes Global 2000''</ref>

⚫
[[File:SABIC office Sittard.jpg|thumb|260x260px|SABIC European Head Office in [[Sittard]], the Netherlands]]The company is based in [[Riyadh]] and has interests in 17 affiliated companies, which range from full ownership to significant partial participation.


==History==
==History==
SABIC was founded in 1976 by royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.<ref name="sher">{{cite journal|last=Hertog|first=Steffen|title=Petromin: the slow death of statist oil development in Saudi Arabia|url=http://eprints.lse.ac.uk/29865/1/Petromin_the_Slow_Death_of_Statist_Oil_Development_in_Saudi_Arabia_(LSERO).pdf|journal=Business history|year=2008|volume=50|issue=5|pages=645–667|doi=10.1080/00076790802246087|accessdate=16 September 2013}}</ref> The first chairman of the company was [[Ghazi Abdul Rahman Al Gosaibi]], the Minister of Industry and Electricity, and the first CEO was [[Abdul Aziz Bin Abdullah Al Zamil]].<ref name="sher" />
SABIC was founded in 1976 by royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.<ref name="sher">{{cite journal|last=Hertog|first=Steffen|title=Petromin: the slow death of statist oil development in Saudi Arabia|url=http://eprints.lse.ac.uk/29865/1/Petromin_the_Slow_Death_of_Statist_Oil_Development_in_Saudi_Arabia_(LSERO).pdf|journal=Business History|year=2008|volume=50|issue=5|pages=645–667|doi=10.1080/00076790802246087|s2cid=154116939|access-date=16 September 2013}}</ref> The first chairman of the company was [[Ghazi Abdul Rahman Al Gosaibi]], the Minister of Industry and Electricity, and the first CEO was [[Abdulaziz bin Abdullah Al Zamil]].<ref name="sher" />


SABIC's founding transformed the small fishing villages of [[Jubail]] on the [[Persian Gulf]] and [[Yanbu]] on the [[Red Sea]] into modern industrial cities. Production in 1985 was 6.5 million tons; five years later production rose to 13 million tons and by 2003 production had risen to 42 million metric tons and by 2012 to over 60 million tons. SABIC employs more than 40,000 people globally and has 60 manufacturing and compounding plants in over 40 countries.<ref>[http://www.arabnews.com/?page=6&section=0&article=127085&d=5&m=10&y=2009&pix=business.jpg&category=Business Arabnews.com]</ref>
SABIC's founding transformed the small fishing villages of [[Jubail]] on the [[Persian Gulf]] and [[Yanbu]] on the [[Red Sea]] into modern industrial cities. Production in 1985 was 6.5 million tonnes; five years later production rose to 13 million tonnes and by 2003 production had risen to 42 million tonnes and by 2012 to over 60 million tonnes. SABIC employs more than 40,000 people globally and has 60 manufacturing and compounding plants in over 40 countries.<ref>[http://www.arabnews.com/?page=6&section=0&article=127085&d=5&m=10&y=2009&pix=business.jpg&category=Business Arabnews.com]</ref>


SABIC's manufacturing network in Saudi Arabia consists of 18 affiliates. Most of these are based in the Al-Jubail Industrial City on the coast of the Persian Gulf. Two are located in [[Yanbu]] Industrial City on the Red Sea and one is in the eastern city of [[Dammam]]. SABIC is also partners in three regional ventures based in [[Bahrain]]. SABIC is a market leader in key products such as ethylene, ethylene glycol, methanol, MTBE and polyethylene.<ref name="sab">[http://www.sabic.com/corporate/en/ourcompany/factsandfigures/production.aspx SABIC.com]</ref> SABIC's wholly owned subsidiary, the Saudi Iron and Steel Company ([[Hadeed]]), based in Al Jubail, is one of the world's biggest fully integrated producers.
SABIC's manufacturing network in Saudi Arabia consists of 18 affiliates. Most of these are based in the Al-Jubail Industrial City on the coast of the Persian Gulf. Two are located in [[Yanbu]] Industrial City on the Red Sea and one is in the eastern city of [[Dammam]]. SABIC is also partners in three regional ventures based in [[Bahrain]]. SABIC is a market leader in key products such as ethylene, ethylene glycol, methanol, MTBE and polyethylene.<ref name="sab">{{Cite web |url=http://www.sabic.com/corporate/en/ourcompany/factsandfigures/production.aspx |title=SABIC.com |access-date=2009-09-19 |archive-date=2010-01-02 |archive-url=https://web.archive.org/web/20100102144222/http://sabic.com/corporate/en/ourcompany/factsandfigures/production.aspx |url-status=dead }}</ref>


==Operations==
==Operations==
SABIC underwent a business restructuring in October 2015, that saw the absorption of the commodity chemicals produced under the Innovative Plastics SBU into the Chemicals and Polymers SBUs. Along with this, the Specialties SBU was created to house the remainder of the Innovative Plastics products that did not fall under the commodity umbrella and the Innovative Plastics SBU would cease to exist by January 1, 2016.<ref>{{Cite web|title = SABIC announces global operational transformation to better meet customer needs {{!}} News {{!}} News & Media {{!}} SABIC|url = http://www.sabic.com/corporate/en/newsandmediarelations/news/2015/all/20151008-SABIC-announces-global-operation-transformation|website = www.sabic.com|accessdate = 2015-10-08}}</ref> This change follows the reallocation of the Performance Chemicals portfolio into the Chemicals SBU. The business units are currently: Chemicals, Polymers, Fertilizers (SABIC has three fertiliser affiliates: Safco, Samad and Ibn Al-Baytar ),<ref>http://www.chemicals-technology.com/projects/safco/</ref> Metals and Specialties, plus manufacturing. Along with this change it was announced that the Innovative Plastics headquarters in [[Pittsfield, Massachusetts|Pittsfield]], United States, would be closed, and the SABIC Regional Headquarters for the Americas would be relocated to [[Houston]].<ref>{{Cite web|title = Sabic dissolving Innovative Plastics unit, leaving Pittsfield, Mass., HQ {{!}} Plastics News|url = http://www.plasticsnews.com/article/20151008/NEWS/151009873/sabic-dissolving-innovative-plastics-unit-leaving-pittsfield-mass-hq|website = www.plasticsnews.com|accessdate = 2015-10-08}}</ref>
SABIC underwent a business restructuring in October 2015, that saw the absorption of the commodity chemicals produced under the Innovative Plastics SBU into the Chemicals and Polymers SBUs. Along with this, the Specialties SBU was created to house the remainder of the Innovative Plastics products that did not fall under the commodity umbrella and the Innovative Plastics SBU would cease to exist by January 1, 2016.<ref>{{Cite web|title = SABIC announces global operational transformation to better meet customer needs {{!}} News {{!}} News & Media {{!}} SABIC|url = http://www.sabic.com/corporate/en/newsandmediarelations/news/2015/all/20151008-SABIC-announces-global-operation-transformation|website = www.sabic.com|access-date = 2015-10-08}}</ref> This change follows the reallocation of the Performance Chemicals portfolio into the Chemicals SBU.<ref>{{Cite web|url=http://www.chemicals-technology.com/projects/safco/|title=Offshore Technology &#124; Oil and Gas News and Market Analysis - Oil and gas news and in-depth feature articles on the biggest offshore projects, exploration and decommissioning technology and innovation, as well as data on the latest oil price trends}}</ref><ref>{{Cite web |date=8 October 2015 |title=Sabic dissolving Innovative Plastics unit, leaving Pittsfield, Mass., HQ {{!}} Plastics News |url=http://www.plasticsnews.com/article/20151008/NEWS/151009873/sabic-dissolving-innovative-plastics-unit-leaving-pittsfield-mass-hq |access-date=2015-10-08 |website=www.plasticsnews.com}}</ref>


In July 2002, SABIC commenced operations in Europe after the $2 billion acquisition of the petrochemicals business of Dutch group [[DSM (company)|DSM]].<ref>{{citeweb| url=https://www.nytimes.com/2002/04/04/business/saudi-chemical-maker-in-dutch-acquisition.html |title=Saudi Chemical Maker in Dutch Acquisition |date=April 4, 2002 |work=New York Times |access-date=24 March 2020}}</ref> SABIC Europe, SABIC's European subsidiary, produces over 2 million metric tonnes of polymers and over 5 million metric tonnes of basic chemicals. It employs over 3,000 people and has two major manufacturing locations in [[Geleen]] in the Netherlands and [[Gelsenkirchen]] in Germany.<ref name="sab"/> After forming SABIC Europe, SABIC became the 11th-largest petrochemicals company in the world. The purchase of DSM signified SABIC's intent to expand and become a true global company.
In July 2002, SABIC commenced operations in Europe after the $2 billion acquisition of the petrochemicals business of Dutch group [[DSM (company)|DSM]].<ref>{{cite web| url=https://www.nytimes.com/2002/04/04/business/saudi-chemical-maker-in-dutch-acquisition.html |title=Saudi Chemical Maker in Dutch Acquisition |date=April 4, 2002 |work=New York Times |access-date=24 March 2020}}</ref> SABIC Europe, SABIC's European subsidiary, produces over 2 million tonnes of polymers and over 5 million tonnes of basic chemicals. It employs over 3,000 people and has two major manufacturing locations in [[Geleen]] in the Netherlands and [[Gelsenkirchen]] in Germany.<ref name="sab"/> After forming SABIC Europe, SABIC became the 11th-largest petrochemicals company in the world. The purchase of DSM signified SABIC's intent to expand and become a true global company.
[[File:SABIC Technology Center in Shanghai.jpg|thumb|260x260px|SABIC Technology Center in Shanghai, China]]
In 2004, the value of SABIC shares, listed on the [[Saudi Stock Exchange]] (Tadawul), increased 170% while its net profits increased by 112% from 2003 to 2004.<ref name="Zawya.com">[http://www.zawya.com/cm/profile.cfm/cid5361 Zawya.com]</ref>
In 2004, the value of SABIC shares, listed on the [[Saudi Stock Exchange]] (Tadawul), increased 170% while its net profits increased by 112% from 2003 to 2004.<ref name="Zawya.com">[http://www.zawya.com/cm/profile.cfm/cid5361 Zawya.com]</ref>


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In June 2006, SABIC established the "SABIC Sukuk Company" to issue Islamic bonds ([[Sukuk]]) that are estimated to range between {{Currency|1|SAR}} billion ({{Currency|266.67|US}} million) and {{Currency|3|SAR}} billion ({{Currency|800|US}} million).
In June 2006, SABIC established the "SABIC Sukuk Company" to issue Islamic bonds ([[Sukuk]]) that are estimated to range between {{Currency|1|SAR}} billion ({{Currency|266.67|US}} million) and {{Currency|3|SAR}} billion ({{Currency|800|US}} million).


In January 2007, SABIC Europe took over [[Huntsman Corporation]] plants in the UK. Headquartered in Sittard, Netherlands, SABIC Europe has a European wide network of sales offices and logistic hubs, as well as three petrochemical production sites in Europe: Geleen (Netherlands), Teesside (United Kingdom), and Gelsenkirchen (Germany).<ref name="SABIC.com">[http://www.sabic.com/corporate/en/ourcompany/sabicworldwide/default.aspx SABIC.com]</ref>
In January 2007, SABIC Europe took over [[Huntsman Corporation]] plants in the UK. Headquartered in Sittard, Netherlands, SABIC Europe has a European wide network of sales offices and logistic hubs, as well as three petrochemical production sites in Europe: Geleen (Netherlands), Teesside (United Kingdom), and Gelsenkirchen (Germany).<ref name="SABIC.com">{{Cite web |url=http://www.sabic.com/corporate/en/ourcompany/sabicworldwide/default.aspx |title=SABIC.com |access-date=2009-09-19 |archive-date=2013-02-05 |archive-url=https://web.archive.org/web/20130205070337/http://sabic.com/corporate/en/ourcompany/sabicworldwide/default.aspx |url-status=dead }}</ref>


In 2008, SABIC Europe produced 7.3 million metric tons of petrochemicals, mainly for the European market.
In 2008, SABIC Europe produced 7.3 million metric tons of petrochemicals, mainly for the European market.


On May 21, 2007, SABIC acquired [[General Electric]]'s Plastics division, in a {{Currency|11.6|US}} billion cash deal, including {{Currency|8.7|US}} billion of its liabilities,<ref>[https://www.nytimes.com/2007/05/22/business/22plastics.html/ ''The New York Times'' 22 May 2007]</ref> and launched SABIC Innovative Plastics.<ref>[http://www.sabic-ip.com SABIC.com]</ref> In that year, the company ranked 145 (previous rank: 301) in the [[Forbes Global 2000]] list.<ref>[https://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000_Rank_2.html Forbes Global 2000, 2008]</ref> As of 2014, SABIC Innovative Plastics<ref>[http://www.sabic-ip.com SABIC-IP.com]</ref> is a multibillion-dollar company with operations in more than 25 countries and over 9,500 employees worldwide.<ref name="SABIC.com"/>
On May 21, 2007, SABIC acquired [[General Electric]]'s Plastics division, in a {{Currency|11.6|US}} billion cash deal, including {{Currency|8.7|US}} billion of its liabilities,<ref>[https://www.nytimes.com/2007/05/22/business/22plastics.html/ ''The New York Times'' 22 May 2007]</ref> and launched SABIC Innovative Plastics.<ref>{{Cite web |url=http://www.sabic-ip.com/ |title=SABIC.com |access-date=2008-05-07 |archive-date=2008-08-20 |archive-url=https://web.archive.org/web/20080820132810/http://www.sabic-ip.com/ |url-status=dead }}</ref> In that year, the company ranked 145 (previous rank: 301) in the [[Forbes Global 2000]] list.<ref>[https://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000_Rank_2.html Forbes Global 2000, 2008]</ref> As of 2014, SABIC Innovative Plastics<ref>{{Cite web |url=http://www.sabic-ip.com/ |title=SABIC-IP.com |access-date=2008-05-07 |archive-date=2008-08-20 |archive-url=https://web.archive.org/web/20080820132810/http://www.sabic-ip.com/ |url-status=dead }}</ref> is a multibillion-dollar company with operations in more than 25 countries and over 9,500 employees worldwide.<ref name="SABIC.com"/>


In July 2009, SABIC received approval from the Chinese government to build a {{Currency|3|US}} billion petrochemical complex in China, in order to gain a foothold in the world's fastest-growing chemicals market.<ref>{{cite news |url= http://uk.reuters.com/article/2009/07/11/sabic-sinopec-idUKLB9933920090711 |title=Saudi SABIC says China govt approved Sinopec JV &#124; Reuters|work=uk.reuters.com |year=2011 |accessdate=19 August 2011 |first=Souhail |last=Karam}}</ref>
In July 2009, SABIC received approval from the Chinese government to build a {{Currency|3|US}} billion petrochemical complex in China, in order to gain a foothold in the world's fastest-growing chemicals market.<ref>{{cite news |url= http://uk.reuters.com/article/sabic-sinopec-idUKLB9933920090711 |archive-url= https://web.archive.org/web/20200205115122/https://uk.reuters.com/article/sabic-sinopec-idUKLB9933920090711 |url-status= dead |archive-date= February 5, 2020 |title=Saudi SABIC says China govt approved Sinopec JV|work=uk.reuters.com |year=2011 |access-date=19 August 2011 |first=Souhail |last=Karam}}</ref>


In January 2018, SABIC announced that it had acquired a 24.99% stake in [[Clariant]], the Swiss specialty chemical manufacturer. The stake was acquired from activist investor [[White Tale]], and at Clariant's prevailing market-capitalisation would have been valued in the region of $2.4bn. The actual transaction price was undisclosed. SABIC CEO Yousef Al-Benyan had previously stated, in November 2017, that the company was looking to spend $3bn-$10bn on acquisitions over the next 10 years.
In January 2018, SABIC announced that it had acquired a 24.99% stake in [[Clariant]], the Swiss specialty chemical manufacturer. The stake was acquired from activist investor [[White Tale]], and at Clariant's prevailing market-capitalisation would have been valued in the region of $2.4bn. The actual transaction price was undisclosed. SABIC CEO Yousef Al-Benyan had previously stated, in November 2017, that the company was looking to spend $3bn-$10bn on acquisitions over the next 10 years.


On March 27, 2019, SABIC announced that state-owned energy company [[Saudi Aramco]] signed a share purchase agreement to acquire a 70% majority stake in SABIC from the [[Public Investment Fund of Saudi Arabia]] in a private transaction worth $69.1 billion.<ref>{{Cite web|url=http://sustg.com/saudi-aramco-agrees-to-buy-70-stake-in-sabic-from-kingdoms-public-investment-fund/|title=Saudi Aramco Agrees to Buy 70% Stake in SABIC from Kingdom’s Public Investment Fund {{!}} SUSTG.com – News, Analysis, and Features on all things Saudi Arabia|language=en-US|access-date=2019-03-28}}</ref> The transaction was completed in June 2020.<ref>{{cite web|url=https://www.ft.com/content/8bd1f982-6a67-4542-9655-fa3276dc64ff|title=Saudi Aramco extends payment plan as it closes $69bn Sabic deal|publisher=Financial Times|accessdate=2020-06-18}}</ref>
On March 27, 2019, SABIC announced that state-owned energy company [[Saudi Aramco]] signed a share purchase agreement to acquire a 70% majority stake in SABIC from the [[Public Investment Fund]] of Saudi Arabia in a private transaction worth $69.1 billion.<ref>{{Cite web|url=http://sustg.com/saudi-aramco-agrees-to-buy-70-stake-in-sabic-from-kingdoms-public-investment-fund/|title=Saudi Aramco Agrees to Buy 70% Stake in SABIC from Kingdom's Public Investment Fund {{!}} SUSTG.com – News, Analysis, and Features on all things Saudi Arabia|language=en-US|access-date=2019-03-28|archive-date=2019-08-01|archive-url=https://web.archive.org/web/20190801154146/http://sustg.com/saudi-aramco-agrees-to-buy-70-stake-in-sabic-from-kingdoms-public-investment-fund/|url-status=dead}}</ref> The transaction was completed in June 2020.<ref>{{cite web|url=https://www.ft.com/content/8bd1f982-6a67-4542-9655-fa3276dc64ff |archive-url=https://ghostarchive.org/archive/20221211/https://www.ft.com/content/8bd1f982-6a67-4542-9655-fa3276dc64ff |archive-date=2022-12-11 |url-access=subscription |url-status=live|title=Saudi Aramco extends payment plan as it closes $69bn Sabic deal|newspaper=Financial Times|access-date=2020-06-18}}</ref>


==Production and major expansions==
==Production and major expansions==


Expansion operations and investments are projected to amount to {{Currency|20|US}} billion in 2007 and {{Currency|70|US}} billion until 2020. The overall total production in 1985 was 6.3 million metric tons; by the end of 2008 it had reached 56 million metric tons. By 2020, SABIC intends to produce over 135 million metric tons per year.<ref>[http://www.sabic.com/corporate/en/ourcompany/corporateprofile/default.aspx SABIC.com]</ref>
Expansion operations and investments supposedly amounted to {{Currency|20|US}} billion in 2007 and {{Currency|70|US}} billion until 2020. The overall total production in 1985 was 6.3 million metric tons; by the end of 2008 it had reached 56 million metric tons. SABIC supposedly can produce over 135 million metric tons per year.<ref>{{Cite web |url=http://www.sabic.com/corporate/en/ourcompany/corporateprofile/default.aspx |title=SABIC.com |access-date=2009-09-19 |archive-date=2013-02-13 |archive-url=https://web.archive.org/web/20130213135934/http://www.sabic.com/corporate/en/ourcompany/corporateprofile/default.aspx |url-status=dead }}</ref>


==Financial performance==
==Financial performance==
Net profits of SABIC in 2008 touched {{Currency|22|SAR}} billion ({{Currency|5.86|US}} billion), while total assets stood at {{Currency|272|SAR}} billion ({{Currency|72.5|US}} billion) at the end of 2008 and the value of current assets at the end of 2008 stood at {{Currency|95|SAR}} billion ({{Currency|25|US}} billion).<ref>[http://www.sabic.com/corporate/en/ourcompany/factsandfigures/financialperformance.aspx SABIC.com]</ref> The Fortune 500 ranking set SABIC revenues as of $40.2 billion.{{When|date=January 2014}}
Net profits of SABIC in 2008 touched {{Currency|22|SAR}} billion ({{Currency|5.86|US}} billion), while total assets stood at {{Currency|272|SAR}} billion ({{Currency|72.5|US}} billion) at the end of 2008 and the value of current assets at the end of 2008 stood at {{Currency|95|SAR}} billion ({{Currency|25|US}} billion).<ref>[http://www.sabic.com/corporate/en/ourcompany/factsandfigures/financialperformance.aspx SABIC.com]</ref> The Fortune 500 ranking set SABIC revenues as of $40.2 billion.{{When|date=January 2014}}


SABIC reported preliminary consolidated financial results for the period ended September 30, 2010. Net income for the third quarter of 2010 was {{Currency|5.33|SAR}} billion, compared to net income of {{Currency|3.65|SAR}} billion in the same period the previous year, representing an increase of 46 percent and compared to {{Currency|5.02|SAR}} billion for the previous quarter, a rise of 6 percent.
SABIC reported preliminary consolidated financial results for the period ended September 30, 2010. Net income for the third quarter of 2010 was {{Currency|5.33|SAR}} billion, compared to net income of {{Currency|3.65|SAR}} billion in the same period the previous year, representing an increase of 46 percent and compared to {{Currency|5.02|SAR}} billion for the previous quarter, a rise of 6 percent.{{citation needed|date=December 2020}}


According to the 2019 Fortune Global 500 list, SABIC reported $45.1 billion in revenues and $5.7 billion in profits for the 2018-2019 [[Fiscal Year|FY]], ranking it in fourth place among chemical companies and #252 in the list.<ref>https://fortune.com/global500/2019/sabic/</ref>
According to the 2019 Fortune Global 500 list, SABIC reported $45.1 billion in revenues and $5.7 billion in profits for the 2018-2019 [[Fiscal Year|FY]], ranking it in fourth place among chemical companies and #252 in the list.<ref>{{Cite web|url=https://fortune.com/global500/2019/sabic/|title=SABIC|access-date=2019-09-14|archive-date=2020-02-05|archive-url=https://web.archive.org/web/20200205145723/https://fortune.com/global500/2019/sabic/|url-status=dead}}</ref>


==Subsidiaries<ref>{{Cite web |title=SABIC - Affiliates |url=https://www.sabic.com/en/about/corporate-profile/affiliates |access-date=2023-04-18 |website=www.sabic.com |archive-date=2019-08-05 |archive-url=https://web.archive.org/web/20190805113921/https://www.sabic.com/en/about/corporate-profile/affiliates |url-status=dead }}</ref>==
==[https://www.sabic.com/en/about/corporate-profile/affiliates Subsidiaries]==
{{Div col|colwidth=22em}}
{{Div col|colwidth=22em}}
*Ibn Sina<ref>{{cite news |title=IBN SINA signs engineering plastic project contract |url=https://www.arabnews.com/news/457652 |work=Arab News |date=11 July 2013 |language=en}}</ref>
{{Unreferenced section|date=October 2019}}
*[[Hadeed]]
*Ibn Sina
*Saudi-European Petrochemical Company (Ibn Zahr)
*Saudi-European Petrochemical Company (Ibn Zahr)
*Saudi Carbon Fiber Company
*Saudi Carbon Fiber Company
*Saudi Petrochemical Company (Sadaf)
*Saudi Petrochemical Company (Sadaf)
*National Industrial Gases Co (Gas)
*National Industrial Gases Co (Gas)
*[[Petrokemya]]
*Petrokemya
*[[Kemya]]
*Kemya
*Saudi Methanol Co (Ar-Razi)
*Saudi Methanol Co (Ar-Razi)
⚫
*Yanpet
*[[Al-Bayroni]]
*[[Jingga Bin Rasyid Oil Company]]
⚫
*[[Yanpet]]
*Arabian Industrial Fibers Company (Ibn Rushd)
*Arabian Industrial Fibers Company (Ibn Rushd)
*Sharq
*Sharq
*[[SABIC Agri-Nutrients]]
*[[Safco]]
*Jubail United Petrochemical Company (United)
*Jubail United Petrochemical Company (United)
*[[Yansab]]
*[[Yansab]]
*[[Sabtank]]
*Sabtank
*[[Saudi Kayan]]
*Saudi Kayan
*Scientific Design
*Scientific Design
{{div col end}}
{{div col end}}
*Samac


==Products==
==Products==
Line 107: Line 114:
* Diodecene-1 (C14-18)
* Diodecene-1 (C14-18)
* Wax (C20+)
* Wax (C20+)
*CIE ([[crude industrial ethanol]])
*CIE (crude industrial ethanol)
*MTBE ([[methyl tert-butyl ether]])
*MTBE ([[methyl tert-butyl ether]])
*[[Styrene]] Monomer
*[[Styrene]] Monomer
Line 120: Line 127:
*[[Bisphenol A]]
*[[Bisphenol A]]
*[[Fertilizer]]s
*[[Fertilizer]]s
*[[Steel]]
*[[Methanol]]
*[[Methanol]]
*Lexan (A line of [[polycarbonate]] products)<ref name="McKeen 2016 p. ">{{cite book | last=McKeen | first=L.W. | title=Fatigue and Tribological Properties of Plastics and Elastomers | publisher=Elsevier Science | series=Plastics Design Library | year=2016 | isbn=978-0-323-44205-3 | url=https://books.google.com/books?id=ZY94CgAAQBAJ | access-date=2024-04-12 | page=}}</ref>
*[[Lexan]] [[polycarbonate]]
*[[Noryl]] PPO
*[[Noryl]] PPO
*Cycolac ([[acrylonitrile butadiene styrene]])
*Cycolac ([[acrylonitrile butadiene styrene]])
Line 142: Line 148:
*[[Polycarbonate]]
*[[Polycarbonate]]
*[[Polypropylene]]
*[[Polypropylene]]
* Detergent Alcohols (Fatty Alcohol)
* Fatty Alcohol Ethoxylates
* [[Polyethylene Glycol]] (PEGs)
{{div col end}}
{{div col end}}


Line 155: Line 164:
{{commons category|SABIC}}
{{commons category|SABIC}}
*[http://www.sabic.com.sa/ Official website]
*[http://www.sabic.com.sa/ Official website]
*[http://www.sabic-ip.com/ SABIC Innovative Plastics]
*[http://www.sabic-ip.com/ SABIC Innovative Plastics] {{Webarchive|url=https://web.archive.org/web/20080820132810/http://www.sabic-ip.com/ |date=2008-08-20 }}


{{authority control}}
{{authority control}}


{{DEFAULTSORT:Sabic}}
[[Category:SABIC| ]]
[[Category:SABIC| ]]
[[Category:1976 establishments in Saudi Arabia]]
[[Category:1976 establishments in Saudi Arabia]]
[[Category:Chemical companies established in 1976]]
[[Category:Chemical companies established in 1976]]
[[Category:Companies listed on Tadawul]]
[[Category:Companies listed on Tadawul]]
[[Category:Companies in the MSCI Tadawul 30 Index]]
[[Category:Plastics companies of Saudi Arabia]]
[[Category:Plastics companies of Saudi Arabia]]
[[Category:Government-owned companies of Saudi Arabia]]
[[Category:Government-owned companies of Saudi Arabia]]
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[[Category:2019 mergers and acquisitions]]
[[Category:2019 mergers and acquisitions]]
[[Category:Multinational companies headquartered in Saudi Arabia]]
[[Category:Multinational companies headquartered in Saudi Arabia]]
[[Category:Public Investment Fund]]

Revision as of 01:36, 5 December 2024

SABIC
SABIC
Native name
الشركة السعودية للصناعات الأساسية (سابك)
Company typePublic
Tadawul: 2010
ISINSA0007879121 Edit this on Wikidata
IndustryChemicals
FoundedSeptember 1976; 48 years ago (1976-09)
Headquarters
Riyadh
,
Saudi Arabia
Key people
  • Khalid Hashim Al-Dabbagh (Chairman)
  • Abdulrahman Al-Fageeh (CEO)
ProductsChemicals and intermediates, industrial polymers and fertilizers
RevenueIncrease US$52.92 billion[1] (2022)
Decrease US$6.37 billion[1] (2022)
Decrease US$4.41 billion[1] (2022)
Total assetsDecrease US$83.49 billion[1] (2022)
Total equityIncrease US$49.61 billion[1] (2022)
OwnerSaudi Aramco (70%)
Number of employees
32,721 (2019)
Websitewww.sabic.com

Saudi Basic Industries Corporation (Arabic: الشركة السعودية للصناعات الأساسية), known as SABIC (Arabic: سابك), is a Saudi chemical manufacturing company. 70% of SABIC's shares are owned by Saudi Aramco.[2][3] It is active in petrochemicals, chemicals, industrial polymers and fertilizers.[4] It is the second largest public company in the Middle East and Saudi Arabia as listed in Tadawul.

In 2017, SABIC was ranked fourth in the world among chemical companies by Fortune Global 500.[5] By the end of 2018 SABIC was the world's 281st-largest corporation.[6] In 2014, the company had sales revenues of $50.4 billion, profits of $6.7 billion and assets standing at $90.4 billion.[7] It also has been recognized as the world's second most valuable brand in the chemicals industry by Brand Finance in 2021.[8]

SABIC European Head Office in Sittard, the Netherlands

History

SABIC was founded in 1976 by royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.[9] The first chairman of the company was Ghazi Abdul Rahman Al Gosaibi, the Minister of Industry and Electricity, and the first CEO was Abdulaziz bin Abdullah Al Zamil.[9]

SABIC's founding transformed the small fishing villages of Jubail on the Persian Gulf and Yanbu on the Red Sea into modern industrial cities. Production in 1985 was 6.5 million tonnes; five years later production rose to 13 million tonnes and by 2003 production had risen to 42 million tonnes and by 2012 to over 60 million tonnes. SABIC employs more than 40,000 people globally and has 60 manufacturing and compounding plants in over 40 countries.[10]

SABIC's manufacturing network in Saudi Arabia consists of 18 affiliates. Most of these are based in the Al-Jubail Industrial City on the coast of the Persian Gulf. Two are located in Yanbu Industrial City on the Red Sea and one is in the eastern city of Dammam. SABIC is also partners in three regional ventures based in Bahrain. SABIC is a market leader in key products such as ethylene, ethylene glycol, methanol, MTBE and polyethylene.[11]

Operations

SABIC underwent a business restructuring in October 2015, that saw the absorption of the commodity chemicals produced under the Innovative Plastics SBU into the Chemicals and Polymers SBUs. Along with this, the Specialties SBU was created to house the remainder of the Innovative Plastics products that did not fall under the commodity umbrella and the Innovative Plastics SBU would cease to exist by January 1, 2016.[12] This change follows the reallocation of the Performance Chemicals portfolio into the Chemicals SBU.[13][14]

In July 2002, SABIC commenced operations in Europe after the $2 billion acquisition of the petrochemicals business of Dutch group DSM.[15] SABIC Europe, SABIC's European subsidiary, produces over 2 million tonnes of polymers and over 5 million tonnes of basic chemicals. It employs over 3,000 people and has two major manufacturing locations in Geleen in the Netherlands and Gelsenkirchen in Germany.[11] After forming SABIC Europe, SABIC became the 11th-largest petrochemicals company in the world. The purchase of DSM signified SABIC's intent to expand and become a true global company.

In 2004, the value of SABIC shares, listed on the Saudi Stock Exchange (Tadawul), increased 170% while its net profits increased by 112% from 2003 to 2004.[16]

In 2005, SABIC was the Middle East's largest (in terms of market capitalization) and most profitable publicly listed non-oil company, the world's 11th-largest petrochemical company, ranked 331 on the Fortune Global 500 for 2005, the second-largest producer of ethylene glycol and methanol in the world, the third-largest producer of polyethylene and overall the fourth-largest producer of polypropylene and polyolefin. Standard & Poor's and Fitch Ratings claimed SABIC to be the world's largest producer of polymers and the Persian Gulf region's largest steel producer for 2005; they assigned SABIC an "A" corporate credit rating. That same year, Bloomberg ranked SABIC as the 13th-largest company in the world in terms of market capitalization (at the beginning of 2005 it exceeded ر.س 375 billion, the equivalent of US$100 billion) and the second-largest by market value outside the US and UK.[16]

In June 2006, SABIC established the "SABIC Sukuk Company" to issue Islamic bonds (Sukuk) that are estimated to range between ر.س 1 billion (US$266.67 million) and ر.س 3 billion (US$800 million).

In January 2007, SABIC Europe took over Huntsman Corporation plants in the UK. Headquartered in Sittard, Netherlands, SABIC Europe has a European wide network of sales offices and logistic hubs, as well as three petrochemical production sites in Europe: Geleen (Netherlands), Teesside (United Kingdom), and Gelsenkirchen (Germany).[17]

In 2008, SABIC Europe produced 7.3 million metric tons of petrochemicals, mainly for the European market.

On May 21, 2007, SABIC acquired General Electric's Plastics division, in a US$11.6 billion cash deal, including US$8.7 billion of its liabilities,[18] and launched SABIC Innovative Plastics.[19] In that year, the company ranked 145 (previous rank: 301) in the Forbes Global 2000 list.[20] As of 2014, SABIC Innovative Plastics[21] is a multibillion-dollar company with operations in more than 25 countries and over 9,500 employees worldwide.[17]

In July 2009, SABIC received approval from the Chinese government to build a US$3 billion petrochemical complex in China, in order to gain a foothold in the world's fastest-growing chemicals market.[22]

In January 2018, SABIC announced that it had acquired a 24.99% stake in Clariant, the Swiss specialty chemical manufacturer. The stake was acquired from activist investor White Tale, and at Clariant's prevailing market-capitalisation would have been valued in the region of $2.4bn. The actual transaction price was undisclosed. SABIC CEO Yousef Al-Benyan had previously stated, in November 2017, that the company was looking to spend $3bn-$10bn on acquisitions over the next 10 years.

On March 27, 2019, SABIC announced that state-owned energy company Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund of Saudi Arabia in a private transaction worth $69.1 billion.[23] The transaction was completed in June 2020.[24]

Production and major expansions

Expansion operations and investments supposedly amounted to US$20 billion in 2007 and US$70 billion until 2020. The overall total production in 1985 was 6.3 million metric tons; by the end of 2008 it had reached 56 million metric tons. SABIC supposedly can produce over 135 million metric tons per year.[25]

Financial performance

Net profits of SABIC in 2008 touched ر.س 22 billion (US$5.86 billion), while total assets stood at ر.س 272 billion (US$72.5 billion) at the end of 2008 and the value of current assets at the end of 2008 stood at ر.س 95 billion (US$25 billion).[26] The Fortune 500 ranking set SABIC revenues as of $40.2 billion.[when?]

SABIC reported preliminary consolidated financial results for the period ended September 30, 2010. Net income for the third quarter of 2010 was ر.س 5.33 billion, compared to net income of ر.س 3.65 billion in the same period the previous year, representing an increase of 46 percent and compared to ر.س 5.02 billion for the previous quarter, a rise of 6 percent.[citation needed]

According to the 2019 Fortune Global 500 list, SABIC reported $45.1 billion in revenues and $5.7 billion in profits for the 2018-2019 FY, ranking it in fourth place among chemical companies and #252 in the list.[27]

Subsidiaries[28]

  • Ibn Sina[29]
  • Saudi-European Petrochemical Company (Ibn Zahr)
  • Saudi Carbon Fiber Company
  • Saudi Petrochemical Company (Sadaf)
  • National Industrial Gases Co (Gas)
  • Petrokemya
  • Kemya
  • Saudi Methanol Co (Ar-Razi)
  • Yanpet
  • Jingga Bin Rasyid Oil Company
  • Arabian Industrial Fibers Company (Ibn Rushd)
  • Sharq
  • SABIC Agri-Nutrients
  • Jubail United Petrochemical Company (United)
  • Yansab
  • Sabtank
  • Saudi Kayan
  • Scientific Design
  • Samac

Products

See also

References

  1. ^ a b c d e https://www.sabic.com/en/reports/annual-2022 [bare URL]
  2. ^ Wilson, Tom; Al-Atrush, Samer (2022-03-20). "Saudi Aramco net revenues double to $110bn on surging oil demand". Financial Times. Archived from the original on 2022-12-11. Retrieved 2022-03-21.
  3. ^ Forbes: Global 2000 Leading Companies Forbes Middle East
  4. ^ "SAUDI BASIC INDUSTRIES CORP (SABIC:Saudi Arabia): Stock Quote & Company Profile - Businessweek". investing.businessweek.com. Archived from the original on 28 March 2019. Retrieved 11 May 2018.
  5. ^ [1] Process Worldwide
  6. ^ "SABIC Financials and News | Global 500". fortune.com. 2017-09-16. Archived from the original on 2017-09-16. Retrieved 2024-06-12.
  7. ^ Murphy, Andrea; Tucker, Hank (June 8, 2023). "The Global 2000 2023". Forbes. Retrieved 2024-06-12.
  8. ^ "Brand Spotlight: SABIC | Brand Finance". 2 February 2021. Retrieved 2022-04-05.
  9. ^ a b Hertog, Steffen (2008). "Petromin: the slow death of statist oil development in Saudi Arabia" (PDF). Business History. 50 (5): 645–667. doi:10.1080/00076790802246087. S2CID 154116939. Retrieved 16 September 2013.
  10. ^ Arabnews.com
  11. ^ a b "SABIC.com". Archived from the original on 2010-01-02. Retrieved 2009-09-19.
  12. ^ "SABIC announces global operational transformation to better meet customer needs | News | News & Media | SABIC". www.sabic.com. Retrieved 2015-10-08.
  13. ^ "Offshore Technology | Oil and Gas News and Market Analysis - Oil and gas news and in-depth feature articles on the biggest offshore projects, exploration and decommissioning technology and innovation, as well as data on the latest oil price trends".
  14. ^ "Sabic dissolving Innovative Plastics unit, leaving Pittsfield, Mass., HQ | Plastics News". www.plasticsnews.com. 8 October 2015. Retrieved 2015-10-08.
  15. ^ "Saudi Chemical Maker in Dutch Acquisition". New York Times. April 4, 2002. Retrieved 24 March 2020.
  16. ^ a b Zawya.com
  17. ^ a b "SABIC.com". Archived from the original on 2013-02-05. Retrieved 2009-09-19.
  18. ^ The New York Times 22 May 2007
  19. ^ "SABIC.com". Archived from the original on 2008-08-20. Retrieved 2008-05-07.
  20. ^ Forbes Global 2000, 2008
  21. ^ "SABIC-IP.com". Archived from the original on 2008-08-20. Retrieved 2008-05-07.
  22. ^ Karam, Souhail (2011). "Saudi SABIC says China govt approved Sinopec JV". uk.reuters.com. Archived from the original on February 5, 2020. Retrieved 19 August 2011.
  23. ^ "Saudi Aramco Agrees to Buy 70% Stake in SABIC from Kingdom's Public Investment Fund | SUSTG.com – News, Analysis, and Features on all things Saudi Arabia". Archived from the original on 2019-08-01. Retrieved 2019-03-28.
  24. ^ "Saudi Aramco extends payment plan as it closes $69bn Sabic deal". Financial Times. Archived from the original on 2022-12-11. Retrieved 2020-06-18.
  25. ^ "SABIC.com". Archived from the original on 2013-02-13. Retrieved 2009-09-19.
  26. ^ SABIC.com
  27. ^ "SABIC". Archived from the original on 2020-02-05. Retrieved 2019-09-14.
  28. ^ "SABIC - Affiliates". www.sabic.com. Archived from the original on 2019-08-05. Retrieved 2023-04-18.
  29. ^ "IBN SINA signs engineering plastic project contract". Arab News. 11 July 2013.
  30. ^ McKeen, L.W. (2016). Fatigue and Tribological Properties of Plastics and Elastomers. Plastics Design Library. Elsevier Science. ISBN 978-0-323-44205-3. Retrieved 2024-04-12.
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