Saudi Basic Industries Corporation (SABIC est. 1976) announced new agreements with two Thai firms to supply them with 600,000 tonnes of urea per year.
The Saudi industrial giant, which is 70% state owned, conveyed that the two renewable agreements were signed in Bangkok with Chia Tai Company and with Thai Fertilizer Marketing Company, Al-Riyadh newspaper reported.
Mohammed Al-Madi, SABIC Vice-Chairman relayed that SABIC's fertilizer production hit 5.5 million tonnes following two expansion projects. SABIC exports more than 80% of its products to Australia, North America, Asia and Africa. Operating 16 complexes with international firms producing petrochemicals, steel, plastics and fertilizers, SABIC employs approximately 14,200 employees.
SABIC, which has embarked on ambitious expansion programs since the early 1990s, produced 25.5 million tonnes of petrochemicals in 1999. "There is no doubt that the global petrochemical market is growing and will continue to grow well into the 21st century, " Al-Madi commented. (albawaba.com staff)
© 2000 Mena Report (www.menareport.com)
