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MIRA
INFORM REPORT
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Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SAUDI BASIC INDUSTRIES CORPORATION (SABIC) |
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Formerly Known As : |
SAUDI BASIC INDUSTRIES CORPORATION |
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Registered Office : |
SABIC HQ King Khalid International Airport Expressway, Exit No. 8 Cortoba
District P.O. Box : 5101 Riyadh 11422 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.09.1976 |
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Com. Reg. No.: |
1010010813 |
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Legal Form : |
Publicly Listed Joint Stock Company |
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Line of Business : |
Manufacturers, distributors and exporters of petrochemicals, basic,
intermediate and industrial chemicals, plastics, metals, fertilizers and
polymers |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
Saudi Basic Industries Corporation (SABIC)
(Correct)
SAUDI BASIC INDUSTRIES CORPORATION (Requested)
company ADDRESS
Building : SABIC HQ
Street : King Khalid International Airport Expressway,
Exit No. 8
Area : Cortoba District
P.O. Box : 5101
Town :
Riyadh 11422
Country : Saudi Arabia
Telephone: (966 1) 225 8000 / 401
2033 / 406 9900
Fax : (966 1) 225 9000 / 401 2045 / 401 3831
E-Mail : info@sabic.com
Website : www.sabic.com
ShortformName : SABIC
Also Known As : Saudi Basic
Industries Corporation / Saudi Basic Industries Corp
Arabic Translation :Al Sharikat Al Saudia Lil Sanaiyat Al Issasiyah
(Sabic)
SENIOR COMPANY PERSONNEL
Name Position
Board of Directors
1. H.H. Prince Saud Ibn Abdullah Ibn
Chairman
Thenayan Al Saud
2. Eng. Mohammed IbnHamad Al Mady
Vice
Chairman
3. Ahmad Ibrahim Al-Hakami
Board Member
4. Saleh E. Al-Husseini
Board
Member
5. AbdulmuhsinIbnAbdulaziz Al-Faris
Board
Member
6. Mohammed SulaimanAbanumay Board
Member
7. Abdullah Mohammed Al-Issa
Board
Member
Management
1. Yousef Al-ZamelExecutive Vice-President,
Chemicals
2. Abdulaziz S. Al-HumaidExecutive Vice-President,
Metals
3. Fahad Al-SheaibiExecutive Vice-President,
Fertilizers
4. Jacobus (Koos) van HaasterenExecutive Vice-President,
Performance Chemicals
5. Khaled Al-ManaExecutive Vice-President,
Polymers
6. Charlie Crew Executive Vice-President,
Innovative Plastics
7. Mosaed Al-OhaliExecutive Vice-President,
Manufacturing
8. Mutlaq Al-MorishedExecutive Vice-President,
Corporate Finance
9. Homood Al-TuwaijriExecutive Vice-President,
Corporate Control
10.Dr Abdulrahman Al-UbaidExecutive Vice-President,
Technology and Innovation
11.AbdullahBazidExecutive Vice-President,
Strategic Planning
12.Abdullah S. Al-RabeeahExecutive Vice-President,
Shared Services
13.Yousef Abdullah Al-BenyanExecutive Vice-President,
Corporate HR
14.Samir Al-Abdrabbuh Vice-president, Corporate
Communications
15.AhmedDuwahi Administrative Officer
Total Employees : 33,000
PAYMENTS
No complaints have been heard regarding payments from local suppliers
or banks.
Subject is 70% owned by Public Investment Fund whichis a Saudi
Government owned entity and is the largest industrialmanufacturer in the Middle
East. It is the largest and mostprofitable non-oil company in the Middle East and
one of the world’s five largest petrochemicals manufacturers.
We consider it is acceptable to deal with subject for LARGE amounts.
Opinion on maximum credit :Nine figure transactions (Saudi Riyal)
would not be unusual for the subject. In
such cases, clearly stipulated terms are
recommended and very large or protracted
transactions may be the subject of
specially negotiated terms.
Trade risk assessment : Fairly low
SIGNIFICANT CHANGES
SABIC SIGNS ACCORD FOR NEW ELASTOMERS PROJECT
On 17 May 2011, (The Saudi Gazette) :Saudi Basic Industries
Corporationand affiliates of ExxonMobil announced that Front-End Engineering
Design (FEED) contracts were awarded and that all components are in Feed phase
for the proposed new elastomers project at their Al-Jubail Petrochemical
Company (Kemya) joint venture petrochemical plant.
Feed contracts were awarded to Jacobs Engineering Inc. and Mitsui
Engineering & Shipbuilding for process units and to Fluor Transworld
Services Inc. for associated support facilities.
"This elastomers project will be the basis for the creation of a
world-class rubber value chain in Saudi Arabia and a valuable extension of our
offering of products and services to our customers in key markets," said
Koos van Haasteren, SABIC executive vice president, Performance Chemicals.
"In addition to supporting local industry, the expansion at the
Kemya joint venture in Al-Jubail would provide additional new capacity of butyl
rubber and EPDM (ethylene propylene diene monomer) specialty elastomers to meet
the growing global demand for these products," said Neil Chapman, senior
vice president, Polymers, ExxonMobil Chemical Company.
The project is expected to establish a domestic supply of more than
400,000 metric tons of rubber [butyl, styrene butadiene rubber (SBR), butadiene
rubber and EPDM], thermoplastic specialty polymers and carbon black to serve
emerging local and international markets in Asia and the Middle East. The
project also includes the establishment of a vocational training centre and product
application development and support centre, aligned with Saudi Arabia's
National Industrial Clusters Development Program to grow and diversify the
manufacturing sector in the Kingdom.
Third-party license agreements have been signed with Continental Carbon
Company for its carbon black production technology and with The Goodyear Tire
& Rubber Company for its SBR and polybutadiene rubber technology.
The University of Akron Research Foundation was selected to design,
train and support the vocational training centre, The High Institute for
Elastomer Industries, in Yanbu. The training center will utilize the
university's expertise in polymer science and education to provide elastomers
technology vocational training for workers to support a planned downstream
elastomers conversion industry in Saudi Arabia.
Additionally, a separate product application development and support
centre will be part of the new SABIC facilities at the Riyadh Techno Valley
research complex at King Saud University.
Implementation of the elastomers project requires the approval of
Kemya's board of directors.
SABIC TO PURCHASE ASSETS OF INSTRUMENTS AMOUNTING TO SR 3 BILLION
On 13 June 2011, (Saudi Press Agency) : Saudi Basic Industries
Corporationannounced this morning its intention to purchase the assets of the
first issuance of its instruments valued at SR 3 billion, issued in July 2006,
and listed in Saudi Capital Market Tadawul.
In a statement to the Saudi Press Agency, SABICExecutive Vice President
for Financial Affairs Eng. Mutlaq bin Hamad Al-Moraished said that the
Corporation will purchase the assets of these instruments because of the end of
the period of their maturity for five years.
SABIC TARGETS NEW ASIA INVESTMENTS
On 18 July 2011, (Arab News) : Saudi Basic Industries Corp. has
earmarked some 14 new projects to be carried out between 2012 and 2015, its
Vice-Chairman and Chief Executive Officer Mohamed Al-Mady said here on Sunday.
He said the company, which has several offices in India, was also
looking for new ventures in the subcontinent.
Al-Mady was speaking to newsmen at the SABIC headquarters here following
the formal announcement of the company's second quarter performance for 2011.
"India is a huge market, the (Indian) government is thinking of
attracting new investments and SABICis looking at investments in India -- if
there are any good investments in petrochemicals there, products from
refineries," Al-Mady later said in remarks published in a Reuters report.
"If there are refineries attached to petrochemical plants, we will
be looking at that."
According to Reuters, Al-Mady said a decision would be made this year on
SABICaffiliate Saudi Arabian Fertilizers Co.'s (SAFCO) proposed 1 million-ton
urea factory in Jubail. Production is due to begin in the second half of 2013.
A plan to build a facility with China's Sinopec, estimated to cost at
least $1 billion and to be operating by 2015, is on track, Al-Mady said.
Operations at Saudi Kayan Petrochemicals will start commercial
production in the second half of this year, Al-Mady added, having originally
been slated for the first half.
In view of the global economic changes, Al-Mady said SABIChad
diversified its operations in markets such as India, China and the Middle East
including the Kingdom. He also stressed that the economic developments in
Europe and the US did not have an impact on the operations of the company.
He said he did not foresee a reason for a drop in the demand for
petrochemicals in the near future.
Commenting on the oil prices, Al-Mady said that current oil prices were
conducive for the petrochemical market. He said the existing range is good for
the market. The preferred crude price is around $100 a barrel, he said.
The demand for petrochemical products in East Asia including China is
one of the factors attributed to the increased profits achieved during the
second quarter of this year, Al-Mady added at the press conference.
SABIC's net profit rose 61 per cent in the second quarter to a record
SR8.1 billion from a year earlier, on the back of SR49 billion in quarterly
revenue.
"What keeps me awake at night is keeping the successes we
have," Al-Mady said in the Reuters report. "This is about the SR8.1
billion How long can we sustain this? It is challenging."
Asked whether SABICwas interested in any assets being divest as a result
of the split-up of ConocoPhillips and the divestment of its refining arm,
announced three days ago, "We always look at everything, and match it with
company strategy," he said. "We always evaluate these opportunities;
we are always on the lookout for very important acquisitions and for organic
growth."
He said the sales in the second quarter reached SR49 billion, compared
to SR39 billion during the corresponding period last year.
Commenting on the oil prices, Al-Mady said that current oil prices were
conducive for the petrochemical market. The existing range is good for the
market, he said, adding that the preferred crude price is around $100 a barrel
SABICVice President Finance Fawaz Al-Fawaz and Executive Vice President
Mutlaq Al-Morished were also present at Sunday's press conference.
Answering a question, Al-Mady said the company is not under pressure to
tap the debt market as it is financially stable and sound. He said SABIC is in
a good position to grow its own business while making acquisitions when
necessary.
SAUDI SABIC INKS FOUR AGREEMENT WITH KAUST UNIVERSITY
On 27 February 2011, (Dow Jones): Saudi Basic Industries Corp., the
Middle East's largest listed company, said Sunday it signed four agreements with
King Abdullah University of Science and Technology, or KAUST, for the
development and localization of technology in the kingdom.
The first agreement is for Sabic Research and Innovation Center at
KAUST, at a cost of $150 million, as the first stage, it said in an emailed
statement.
Sabicwill provide $5 million finance for a polymer catalysis research
chair for five years, according to the second deal.
The third and fourth agreements are for supporting postdoctoral
fellowships and organizing joint research work between Sabicand KAUST.
SABIC IN MAJOR DEAL FOR NEW INDUSTRIAL CITIES
On 14 March 2011, (Arab News): Saudi Basic Industries Corp. (SABIC)and
the Saudi Industrial Property Authority (Modon) signed a three-way deal on
Sunday with Boston Consulting Group(BCG) to conduct a study to develop six
cities in the Kingdom.
SABICVice Chairman and CEO Mohamed Al-Mady, ModonDirector-General Tawfig
Al-Rabiah, and Boston Consulting GroupManaging Director Thomas Bradtke signed
the agreement at the SABICheadquarters in Riyadh.
The cities earmarked for the industrialization program are Al-Jouf,
Tabuk, Hail, Jazan, Najran and Arar.
"The study will provide for around 300 industrial ventures
involving value-added and exportable downstream industries that can provide
substantial job opportunities for nationals," Al-Rabiah told journalists
after the signing ceremony.
The first phase of the study is expected to be completed within 12
weeks, he added.
"It will incorporate the findings of previous studies, develop clear
understanding of the market potential and examine the attributes of each of the
subject cities," Al-Rabiah said.
He pointed out that the study would also identify the most appropriate
industries (or combinations of industries), to examine the key enablers and
develop value propositions for each of the cities for investment attraction.
Prospective investors in these cities will receive loans on attractive
terms, Al-Rabiah added.
Modonis a government agency, created by the council of ministers, to set
up, develop and operate industrial cities and technology zones in partnership
with the private sector.
SABICis supporting this study to contribute to the development of Saudi
Arabia's industrial sector, Al-Mady said.
The two industrial cities of Jubail and Yanbu have seen phenomenal
growth over the years and stand as role models for Saudi Arabia's industrial
success, he pointed out.
The aim now is to focus on developing the less-developed cities and
create a lot of job opportunities, he pointed out.
Al-Mady said BCG, a global management consulting firm and the world's
leading adviser on business strategy, would carry out the study.
"With Modon's cooperation, the study will identify highest value
opportunities, potentials of the cities and resource personnel in the earmarked
areas," he said, adding that the initiative would offer career prospects
for local youths in their respective hometowns.
In its latest effort to provide more jobs to citizens, Al-Mady said
SABICwas coordinating with the Human Resource Development Fund (HRDF) and the
Royal Commission for Jubail and Yanbu to nationalize the staff at contracting
and maintenance firms that are affiliated to SABIC.
This move will provide jobs for some 5,000 nationals, he said.
The findings of the study would be implemented through private sector
participation, Al-Mady said.
On 18 January 2010 : Subject signs financing agreements worth RMB 26
billion (US DLRS 2.68 billion) to finance its joint-venture
petrochemicalcomplex in China.
On 19 December 2009 : Subject signs contract with Zuhair Fayez for
Plastics Applications Development Center.
On 15 October 2008 : Subject establishes ‘SABIC Capital Ltd. in the
Netherlands.
IbnZahr now 80% subsidiary
On 26 March 2006 subject signed a US$120 million agreement to buy the
10% stake held by Neste, Finland in Saudi European Petrochemical
Company (IbnZahr). The sale was completed on 3 July 2006. Sabic s
shareholding in IbnZahr increases to 80%, with the remainder divided
between Arab Petroleum Investments Corporation (Apicorp) and Ecofuel,
Italy.
SR 3 billion Sukuk
Saudi Basic Industries Corporation (Sabic) received the approval of
the Capital Market Authority for the sukuk issue of up to SR 3,000
million. Roadshows were launched on 4 July 2006. The first issue of
Islamic bonds is expected to be worth at least SR 1,000 million. HSBC
with local affiliate SABB is the financial adviser.
Production expansion 2006-2009
Sabic s current and planned investments for production expansion are
likely to be more than US$20,000 million over the period 2006-2009,
and as much as US$70,000 million in the next 15 years. The company
plans to increase its capacity by 20 million tonnes a year (t/y) to
60 million t/y by 2008, through the expansion of its current
facilities and the development of new plants.
Honeywell US$12m contract
On 14 March 2006 Honeywell, USA announced that it had signed a US$12
million contract with Sabic to provide advanced process control and
implementation services.
KayanJubail olefins complex
In February 2006 Sabic signed a memorandum of understanding (MoU)
withKayan Petrochemicals Company to partner it on its planned Jubail
olefins complex.
The proposed olefins complex will be one of the largest in the
kingdom, and will comprise a 1.35 million tonne a year (t/y)
ethane/butane cracker; a 250,000 t/y low density polyethylene (LDPE)
plant, two polypropylene (PP) units with total capacity of 600,000
t/y, a 700,000 t/y ethylene oxide unit, the world s largest
methylamine and choline chloride units, and capacity of 100,000 t/y
ofethanolamines and 40,000 t/y of ethoxylates.
Under the terms of the MoU, Sabic will review all works, studies,
agreements and update the feasibility study over the next two months.
The two parties will enter into a final agreement if they agree on
the results.
The main shareholder in Kayan is Project Management & Development
Company (PMD), Saudi Arabia. In 2006 PMD signed an agreement with
Oxiteno, a subsidiary of Ultrapar, Brazil for the licensing of its
proprietary ethanolamine and ethoxylate technology.
YanSab olefins project
Saudi Basic Industries Corporation (Sabic) building a greenfield
olyfins complex at Yanbu, which will be run by its subsidiary Yanbu
National Petrochemicals Company (YanSab). YanSab will have an
ethane/propane cracker with a capacity of 1.3 million tonnes a year
(t/y) and provide feedstock for an 800,000 t/y polyethylene unit and
a 700,000 t/y ethylene glycol facility. A 350,000 t/y polypropylene
unit is also planned. It will produce a total of 4 million t/y of
basic petrochemicals, intermediates and polymers when it comes on
stream in 2008.
In May 2005 Sabic awarded the estimated US$1,000 million engineering,
procurement and construction and technology supply contract to the
Italian office of Technip for the construction of a ethane/propane
cracker, with capacity to produce 1.3 million tonnes a year (t/y) of
ethylene and 400,000 t/y of propylene.
In July 2005 Toyo Engineering Corporation, Japan received a letter of
intent from Sabic for the contract to build the 700,000-t/y ethylene
glycol (EG) plant.
In July 2005 a Norwegian/Chinese joint venture of Aker Kvaerner and
Sinopec received a letter of intent for the estimated US$400 million
33 month engineering, procurement and construction (EPC) contract to
build 400,000 tonnes a year (t/y) linear low-density polyethylene
(LLDPE) and 400,000 t/y polypropylene (PP) units on the YanSab
project.
Aker/Sinopec will build the two plants and associated product
handling facilities. The PP plant will use Unipol PP technology
licensed by Dow Chemical Company. Sabic will use its own proprietary
technology for the LLDPE plant.
International EPC contractors have been given until late autumn 2005
to submit bids for the 500,000 t/y HDPE package, and the contract to
build the 250,000 t/y benzene, xylene and toluene compound plant.
Uhde, Germany carried out front-end engineering and design (FEED)
works.
Fluor Corporation, USA will carry out the US$650-700 million offsites
and utilities package. Foster Wheeler, USA is the project management
consultant (PMC) on the project.
YanSab financing
In March 2006 Sabic released preliminary information memorandum (PIM)
to banks on the financing of the Yanbu National Petrochemicals
Company (YanSab) project. Offers are due by the end of April 2006.
ABN Amro and Saudi Hollandi Bank are the financial advisers.
The sponsors are seeking a total of US$2,400 million in commercial
debt. Export Credit Guarantee Department (ECGD), UK will cover US$100
million and Italy s Sace $500 million. The remainder will consist of
a mixture of conventional and Islamic finance, with the final split
dependent on bank responses. International banks are being asked to
take underwriting tickets of at least US$250 million while domestic
banks must offer at least US$200 million. The tenor is 12 years. The
Public Investment Fund is providing a loan of US$1,000 million.
YanSab raised SR 1,968 million through an initial public offering
(IPO) in December 2005.
SR 24,000 million expansion programme
In June 2004 the board of Saudi Basic Industries Corporation (Sabic)
approved a SR 24,000 million expansion programme.
This involves the addition of 8.4 million tonnes a year (t/y) of new
petrochemical and steel capacity in Jubail and Yanbu by 2008; the
grassroots olefins complex at Yanbu; and the expansion of capacity at
existingJubail based affiliates Eastern Petrochemical Company
(Sharq), Saudi Methanol Company (Ar-Razi) and Saudi Iron & Steel
Company (Hadeed).
At Sharq, Sabic has given the go-ahead for a US$2,300 million
expansion covering the construction of a 1.5 million-t/y cracker, a
600,000-t/y EG plant and an 800,000-t/y PE unit. Project completion
is scheduled for 2008.
The Ar-Razi project involves the addition of a fifth, 1.7 million-t/y
methanol unit by 2007.
Sabic's expansion programme at Hadeed covers the construction of a 1
million-t/y flat products plant in 2006.
Dispute with ExxonMobil
Sabic and ExxonMobil have two legal disputes over Yanbu
Petrochemicals Company (Yanpet) and Al Jubail Petrochemicals Company
(Kemya), set up by Sabic and ExxonMobil in 1980. Sabic filed the case
in July 2000 in the Delaware Superior Court following an accusation
by ExxonMobil that Sabic had overcharged licensing fees for Kemya and
Yanpet after obtaining rights to the Unipol PE process technology
fromUnivation Technologies, USA.
On 22 March 2003 jurors at the Delaware Superior Court returned a
verdict awarding ExxonMobil US$416.8 million in damages. In December
2004 Sabic lost its appeal when the Delaware State Supreme Court
upheld the verdict of the superior court.
Sabic had allocated SR 300 million for this litigation up to the end
of the third quarter of 2004, an amount which was deducted from the
announced profits - difference of SR 1,263 million shall be charged
to the corporate results for the last quarter of 2004.
In 1998 Sabic filed an action with the New Jersey Federal Court on
its own behalf and on behalf of the Kemya joint venture, arguing that
Kemya was entitled to ownership of a patent related to the
manufacture of polyethylene. This case is still ongoing and the US
Supreme Court in October 2004 accepted to review it. The session
began 23 February 2005.
Ravensdown 5 year agreement
In December 2002 Sabic signed a five year agreement with Ravensdown
Fertiliser Co-operative, New Zealand to supply 200,000 tonnes a year
(t/y) of urea. The contract will begin in January 2003.
Acquisition of DSM Petrochemicals
On 3 April 2002 Sabic announced that it was acquiring DSM
Petrochemicals, Netherlands for Euro 2,250 million.
DSM Petrochemicals product lines to be transferred to Sabic include
DSM Hydrocarbons, DSM Polyethylenes, DSM Polypropylenes, all in the
Netherlands, DSM Polyolefine in Germany and DSM Hydrocarbons Americas
and DSM Polypropylenes North America, USA. The European Commission
approved the acquisition in June 2002.
The deal takes retroactive effect from 1 January 2002, and makes
Sabic the world's third largest producer of polyethylene and fourth
largest producer of polypropylene. Sabic formerly completed its
acquisition of DSM Petrochemicals in signing ceremonies in Geleen,
Netherlands on 1 and 2 July 2002. Financed by a Euro 2,353 million
financing facility.
PRINCIPAL BANKERS
NAME : SAMBA FINANCIAL GROUP
(formerly Saudi American Bank)
Branch : Airport Road
P.O. Box : 833
Town : Riyadh 11421
Telephone: (966 1) 477 4770
Fax : (966 1) 478 9834 / 479
9428
The company also has an account with the following banks :
1. National Commercial Bank (Al Ahli)
Al Batha
PO Box 34
Riyadh 11495
Telephone: (966 1) 402 5084
Fax : (966 1) 402 0981 / 403 6500
2. Riyad Bank
Sitteen Street Branch
PO Box 22622
Riyadh 11416
Telephone: (966 1) 401 3030
Fax : (966 1) 404 1255
AUDITORS
Ernst & Young
Al Faisaliah Office Tower, Level 6
King Fahad Road
Olaya
PO Box 2732
Riyadh 11461
Telephone: (966 1) 273 4740
Fax : (966 1) 273 4730
FINANCIAL INFORMATION
Consolidated
Balance Sheets as at 31 December 2010, showed:
31/12/2010 31/12/2009 31/12/2008
(in
thousands of SR)
ASSETS
Cash 4,142,716 2,368,995 6,363,398
Cash
Collateral 845,000 820,000 817,026
Time
Deposits 45,660,671 54,008,191 44,664,188
Cash
& Cash Equivalents
50,648,387 57,197,186 51,844,612
Securities
& Short-term
Investments 8,874,080 2,313,912 0
Accounts
Receivables 25,176,957 17,943,086
14,639,285
Provision
for Doubtful
Receivables (323,429) (300,606) (286,489)
Net
Receivables 24,853,528 17,642,480 14,352,796
Other
receivables 1,100,714 995,047 1,275,036
Current
receivables 25,954,242 18,637,527 15,627,832
Raw
Material 7,578,824 5,797,700 6,438,819
Spare
Parts 5,349,106 5,796,358 4,563,358
Goods
in Transit 133,947 2,331,844 809,739
Work
in Process 1,256,396 636,902 1,486,472
Finished
Goods 12,741,517 9,989,150 11,861,240
Total
Inventory 27,059,790 24,551,954 25,159,628
Provision
(Inventory) (937,713) (781,964) (799,878)
Net
Inventory 26,122,077 23,769,990 24,359,750
Due
from Sister
Companies/Associates 4,036,000 2,891,288 1,751,408
Loans
to employees
(under
one year) 214,840 208,781 247,793
Prepaid
Expenses ST 579,695 921,423 434,509
Other
Current Assets 670,049 523,577 1,189,070
Total
Current Assets 117,099,370 106,463,684 95,454,974
Land
& Buildings 21,783,440 20,657,392 19,816,833
Furniture
& Equipment 3,069,020 2,777,203 2,975,421
Machinery 178,859,858 139,679,554 128,549,568
Accumulated
Depreciation (92,556,679) (85,882,407) (78,295,518)
Capital
work in Progress 53,733,232 80,307,324 68,393,873
Fixed
Assets 164,888,871 157,539,066 141,440,177
Investment
in associates 6,391,181 6,199,149 6,329,192
Other
Long term Investments 2,513,238 2,099,592 2,463,789
Total
Long term Investments 8,904,419 8,298,741 8,792,981
Employee
Union Loan
(more
than 1 year) 1,458,031 1,481,411 1,464,056
Due
From Tax Authority 1,479,246 1,055,803 1,226,345
Other
Non-Current Assets 1,125,696 121,284 402,366
Goodwill 13,372,811 14,060,957 14,972,195
License 5,698,951 6,252,288 6,641,297
Pre
Operating Expenses 3,552,508 1,588,068 1,365,598
Intangibles 22,624,270 21,901,313 22,979,090
Total
Long Term Assets 200,480,533 190,397,618 176,305,015
Total
Assets 317,579,903 296,861,302 271,759,989
LIABILITIES
& SHAREHOLDERS EQUITY
Short
Term Debt 1,120,508 939,774 1,235,542
Short
Term Islamic Financing 0 0 572,000
Current
Portion of
Long
Term Debt 15,633,638 5,537,199 2,481,274
Accounts
Payable 12,239,381 11,581,664 8,216,509
Accrued
Expenses 6,770,475 7,296,725 7,070,114
Dividends
Payable 624,959 586,936 619,882
Due
To Sister Companies 1,147,533 124,587 44,737
Other
Current Liabilities 3,455,005 2,893,048 2,440,918
Total
Current Liabilities 40,991,499 28,959,933 22,680,976
Long
Term Debt 77,848,012 84,537,782 72,939,462
Capital
Lease 899,174 795,688 0
Sukuk 16,000,000 16,000,000 15,428,000
Total
Long-term Liabilities 94,747,186
101,333,470 89,330,010
Total
Liabilities 135,738,685 130,293,403 112,010,986
Tax
Provision 3,313,215 3,212,641 3,899,031
Deferred
Tax Income 4,852,886 3,680,573 1,868,543
Provision
for Employees'
Termination
Benefits 6,839,620 6,236,189 6,528,865
Other
Provisions 688,918 808,296 810,951
Total
Provisions 15,694,639 13,937,699 13,107,390
Total
Liabilities
&
Provisions 151,433,324 144,231,102 125,118,376
Minority
Interest 45,364,518 44,375,404 43,709,139
Paid-up
Capital 30,000,000 30,000,000 30,000,000
Legal/Statutory
Reserve 15,000,000 15,000,000 14,702,984
General\Voluntary
Reserve 58,753,396 54,478,089 43,652,631
Retained
Earnings
/
Accumulated losses 17,028,665 8,776,707 14,576,859
Total
Shareholders' Equity 120,782,061
108,254,796 102,932,474
Total
Liabilities
&
Shareholders' Equity 317,579,903 296,861,302 271,759,989
Comm.
& Contingent
Liabilities 24,385,551 32,941,204 40,266,489
CONSOLIDATED
PROFIT AND LOSS ACCOUNT
Gross
Revenue 151,970,027 103,105,167 150,809,596
Cost
of Goods Sold (103,423,348) (74,486,184)
(103,547,946)
Gross
Margin 48,546,679 28,618,983 47,261,650
S.G.
& A.
(10,525,109) (8,533,290) (9,053,356)
Amortization 0 (1,181,250) 0
Depreciation
Expense (128,975) (100,917) (118,636)
Net
Operating Profit 37,892,595 18,803,526 38,089,658
Interest
Expense (3,394,268) (3,025,509) (3,800,927)
Interest
Income 449,649 637,806 1,805,340
Income
from Associates 630,234 229,501 1,124,589
Total
Investment Income 630,234 229,501 1,124,589
Foreign
Exchange Gain/Loss 176,194 629,927 116,351
Minority
Interests (11,725,739) (7,301,529) (13,905,168)
Net
Profit Before
Taxes/Zakat 24,028,665 9,973,722 23,429,843
Tax
/ Zakat Provision (2,500,000) (900,000) (1,400,000)
Net
Profit After
Taxes
or Zakat 21,528,665 9,073,722 22,029,843
Net
Profit After
Unusual
Items 21,528,665 9,073,722 22,029,843
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 6 September 1976
History : Subject was incorporated pursuant to Royal Decree No M/66
dated 6 September 1976 (13/9/1396 H) and was registered asa Saudi Joint
Stock Corporation under CommercialRegistration No. 10813 on 4 January 1977
(14/1/1379H) andstarted production in 1981. Former Director General
IbrahimIbnSalamah resigned September 1998. Dr HashimIbn AbdullahIbnHashim Al
Yamani was formerly Chairman of Sabic. He wassucceeded in 2003 by Prince Saud
Bin Thunayan Al Saud.
C.R. No. : 1010010813 (expiry date: 10 March 2016 / 30/05/1437 H)
RCCI Membership No.:70000
Authorised Capital : SR 30,000,000,000
Paid up Capital : SR 30,000,000,000
Publicly Listed Joint Stock Company with the following shareholders :
Percentage
1. Public Investment Fund 70.00%
Ministry of Finance Building
6th Floor
King Abdulaziz Road
PO Box 6847
Riyadh 11452
Saudi Arabia
Telephone: (966 1) 401 6041 /
405 0000 / 405 2006
Fax : (966 1) 412 3474
Email : pif@mof.gov.sa
(Saudi Government owned entity)
2. General Organisation for Social Insurance 5.20%
General Organization for Social
Insurance Building
King FahedAbdulaziz Road
PO Box 2963
Riyadh 11461
Saudi Arabia
Telephone: (966 1) 477 7735
Fax : (966 1) 477 9935
(Saudi Government owned entity)
3. Members of the public 24.80%
Personal Profile on Prince Saud Ibn Abdullah IbnThenayan Al Saud :
He has been Chairman of SABIC since 2003. He is also the Chairman of
the Royal Commission for Jubail and Yanbu. He graduated from King
Saud University in 1977 with a degree in Civil Engineering and since
then has held various government posts.
He also holds the following positions:
- Chairman of the Board of Directors, Utility of Water and
Electricity Company in Jubail and Yanbu.
- Deputy Chairman, Prince Salman Social Center.
He has held the following positions:
- Engineer at the Riyadh Municipality.
- Director General for Survey and Drawings at Riyadh Municipality.
- Director General for Operations and Maintenance at the Riyadh
Municipality.
- Undersecretary for Planning and Programs at the Ministry of
Municipal and Rural Affairs.
Eng. Mohammed IbnHamad Al Mady :
He has been Vice Chairman and Chief Executive Officer of Saudi Basic
Industries Corporation (SABIC) since July, 1998. He joined SABIC in
1976 with a Master s Degree in Chemical Engineering from the
University of Wyoming, USA. He has held various key positions within
the company.
He also holds the following additional positions:
- Chairman and Managing Director, Saudi Arabian Fertilizer Company
(SAFCO).
- Chairman, SABIC Europe B.V. Supervisory Board.
- Chairman, SABIC Innovative Plastics Supervisory Board.
- Fellow, London Business School.
- Member, International Advisory Council, King Abdullah University
of Science and Technology.
- Member, International Advisory Board, King Fahd University of
Petroleum and Minerals.
- Member, International Advisory Board, Prince Mohammed bin Fahd
University.
- Member, International Business Council, World Economic Forum.
- Member of the Board, Boao Forum for Asia.
- Chairman, Gulf Petrochemicals and Chemicals Association (GPCA).
Affiliated companies of Saudi Basic Industries Corporation (SABIC) :
Subsidiaries
Subsidiaries/Associates
1. Arabian Petrochemical Company 100.00%
Arabian Petrochemical Company
Complex
Jubail Industrial Area
PO Box 10002
Jubail 31961
Saudi Arabia
Telephone: (966 3) 358 7000
Fax : (966 3) 358 4480
E-Mail : petrokemya@petrokemya.sabic.com
2. SABIC - Europe 100.00%
PO Box 5151
6130 PD Sittard
Netherlands
Telephone: (31 46) 722 2222
Fax : (31 46) 722 0000
3. SABIC - Hong Kong 100.00%
Hong Kong
4. SABIC - India 100.00%
5th Floor, The Capital Court
Olof Palme Marg
Munirka
New Delhi 110067
India
Telephone: (91 11) 671 3121 /
22 / 23 / 24
Fax : (91 11) 671 3125 / 26
E-Mail : sipl@sabicindia.com
5. SABIC - Korea South
Korea 100.00%
20th Floor, Donghoon Tower
702-19,
Yeoksam-dong Gangnam-gu,
Seoul 135-513
Korea
Telephone: (82 2) 2052 7790
Fax : (82 2) 2052 7794
E-Mail : skl@sabic.co.kr
6. SABIC Luxembourg S.a.r.l.(SLUX) 100.00%
Luxembourg
7. SABIC Acetylene B.V. 100.00%
Geleen
The Netherlands
8. SABIC Americas, Inc.
2500 City West Boulevard, Suite
650, Houston,
TX 77042, USA
Telephone: (1 17) 135 324 999
Fax : (1 17) 135 324 994
E-mail : info@americas.sabic.com
9. SABIC Asia Pacific - Singapore 100.00%
One Temasek Avenue, #06-01
Millenia Tower
Singapore 039192
Telephone: (65) 6557 2555
Fax :
(65) 6531 8101
E-Mail : sappl@sabic.com.sg
10. SABIC Asia Pacific - Taiwan 100.00%
Room B, 7th Floor , No. 8,
Section 3,
Minsheng East Road, Taipei 10480
Taiwan
Telephone: (886 2) 2516 8198
Fax : (886 2) 2516 8178
E-Mail : sappl-tbo@sabic.com.tw
11. SABIC Capital B.V. 100.00%
World Trade Center, Tower H, 27th floor,
Zuidplein 216, 1077 XV Amsterdam,
The Netherlands
Telephone: (31) 467 222 128
Fax : (31) 102 644 829
12.SABIC Industrial Investments Company 100.00%
Saudi Arabia
13.SABIC Innovative Plastics 100.00%
Saudi Arabia
14.SABIC Innovative Plastics 100.00%
Wixom
Michigan
United States
15.SABIC Innovative Plastics 100.00%
1 Plastics Drive, Burkville Alabama, 36752
United States
Telephone: (1 133) 483 25000
16.SABIC Innovative Plastics Singapore Pte. Ltd 100.00%
23 Benoi Road
Singapore 629895
Telephone: (65) 621 041 00
Fax : (65) 686 130 63
17.SABIC Innovative Plastics - Bergen Op Zoom 100.00%
PO Box 117
4600 AC Bergen op Zoom
Netherlands
Telephone: (31 164) 292 911
Fax : (31 164) 292 940
E-Mail : solutions.europe@sabic-ip.com
18.SABIC Innovative Plastics South America - 100.00%
Indústria e Comércio de Plásticos Ltd.
RuaManoelThomaz, 545, 13067-190
Campinas – SP,
Brazil
Telephone: (55 19) 3781 1000
Fax : (55 19) 3281 2144
19.SABIC Innovative Plastics EspanaScpA 100.00%
CR Cartagena, La Aljorra,
Murcia, 30390
Spain
Telephone: (34) 968 129 100
20.SABIC Innovative Plastics - Chung- 100.00%
South Korea
21.SABIC Innovative Plastics
1 Structured Products Drive,
Long Sault, Ont,
K0C 1P0
Canada
Telephone: (1 90) 553 481 99
Fax : (1 90) 553 492 20
22.SABIC Innovative Plastics - Columbus 100.00%
Americas and Global HQ, 1 Plastics Avenue,
Pittsfield, MA 01201,
United States
Telephone: (1 14) 134 487 110
Fax : (1 14) 134 485 573
23.SABIC Innovative Plastics - Enkhuizen 100.00%
Netherlands
24.SABIC Innovative Plastics - Fosses 100.00%
France
25.SABIC Innovative Plastics - Klang 100.00%
Malaysia
26.SABIC Innovative Plastics - Korea 100.00%
North Korea
27.SABIC Innovative Plastics - Long Sault 100.00%
Canada
28.SABIC Innovative Plastics 100.00%
9930 Kincey Ave. Huntersville
North Carolina
28078,
United States
Telephone: (1 18) 007 527 842
Fax : (1 18) 887 527 842
29.SABIC Innovative Plastics - Moka 100.00%
Japan
30.SABIC Innovative Plastics - Mount Vernon 100.00%
United States
31.SABIC Innovative Plastics - Nansha 100.00%
China
32.SABIC Innovative Plastics - Olgiate 100.00%
Italy
33.SABIC Innovative Plastics - Ottawa 100.00%
Canada
34.SABIC Innovative Plastics - Pontirolo 100.00%
Italy
35.SABIC Innovative Plastics - Ramdonksveer 100.00%
Netherlands
36.SABIC Innovative Plastics - Rayong 100.00%
Thailand
37.SABIC Innovative Plastics - San Luis 100.00%
Mexico
38.SABIC Innovative Plastics - Scotland 100.00%
United Kingdom
39.SABIC Innovative Plastics - Selkrik 100.00%
United States
40.SABIC Innovative Plastics - Seremban 100.00%
Malaysia
41.SABIC Innovative Plastics - Shanghai 100.00%
China
42.SABIC Innovative Plastics - Tampico 100.00%
Mexico
43.SABIC Innovative Plastics - Thornaby
100.00%
United Kingdom
44.SABIC Innovative Plastics - Thorndale 100.00%
United States
45.SABIC Innovative Plastics Argentina SRL 100.00%
Descartes, 3668 ZIP B1661AYF,
Tortuguitas – Pcia. Buenos Aires
Argentina
Telephone: (52) 232 055 2800
Fax : (52) 232 055 2831
46.SABIC Innovative Plastics - Vadodara India
100.00%
Vadodara
Plastics Avenue
PO Jawaharnagar - 391320
Dist. Vadodara, INDIA
Telephone: (91 0265) 306 8551 / 2
Fax : (91 0265) 223 2144
47.SABIC Innovative Plastics - Washington 100.00%
State Route 892
Washington, WV 26181 map
Parkersburg-Marietta, WV-OH
Metro Area
Telephone:(1 304) 863 7779
48.SABIC Innovative Plastics - Wiener Neustadt Austria 100.00%
Pottendorferstrasse 47
Wiener Neustadt 2700
Austria
Telephone: (43 02622) 390-0
Fax : (43 02622) 390-20
49.SABIC Innovative Plastics - Zhongshan 100.00%
China
50.SABIC Innovative Plastics Holding 100.00%
Pittsfield, MA 01201
United States
Telephone: (1 413) 448 7110
Fax : (1 413) 448 7465
51.SABIC Petrochemicals - Netherlands 100.00%
Europaboulevard 1
Sittard, 6135 LD
Netherlands
Telephone: (31 46) 722 2222
Fax : (31 46) 264 4817
52.SABIC Petrochemicals - United Kingdom 100.00%
United Kingdom
53.SABIC Petrochemicals Holding 100.00%
67 s dupontrd
Washington WV, 26181
United States
Telephone: (1 304) 863 7733
54.SABICPolyolefine - Gelsenkirchem 100.00%
PawikerStr 30
Gelsenkirchen D-45896
Germany
Telephone: (49 209) 9 33 91
Fax : (49 209) 9 33 92 00
55.SABICSukuk Company [SUKUK] Jubail 100.00%
Saudi Arabia
56.Saudi Basic Industries Capital Limited Company 100.00%
Netherlands
57.Saudi Iron and Steel Company 100.00%
Saudi Iron and Steel Building
Jubail Industrial City
PO Box 10053
Jubail 31961
Saudi Arabia
Telephone: (966 3) 357 1100
Fax : (966 3) 358 5597
E-Mail : commercial@hadeed.com.sa
58.Saudi Specialty Chemicals Company 100.00%
Saudi Specialty Chemicals
Building
Street 289
Jubail Industrial City Area
PO Box 10273
Jubail 31961
Saudi Arabia
Telephone: (966 3) 358 4000
Fax : (966 3) 358 7577
Website : www.tayfweb.sabic.com
59.Saudi European Petrochemical Company 80.00%
Saudi European Petrochemical
Company Building
Jubail Industrial Area
PO Box 10330
Jubail 31961
Saudi Arabia
Telephone: (966 3) 341 5060
Fax : (966 3) 341 2966
E-Mail : info@ibnzahr.sabic.com
60.Jubail United Petrochemical Company 75.00%
Jubail United Petrochemical Company Building
Jubail Industrial Area
PO Box 10085
Jubail 31961
Saudi Arabia
Telephone: (966 3) 359 5000
Fax : (966 3) 358 4008
61.National Industrial Gases Company 70.00%
National Industrial Gas Complex
Jubail Industrial Area
PO Box 10110
Jubail 31961
Saudi Arabia
Telephone: (966 3) 357 5738
Fax : (966 3) 358 8880
62.SABIC Polymer Industry - Adana 70.00%
Turkey
63.SABIC Innovative Plastics Japan LLC
Tokyo Office, Tokyo Club
Building,
Kasumigaseki 3-2-6, Chiyoda-ku
Tokyo 100-0013,
Japan
Telephone: (81 3) 35934700
Fax : (81 3) 3593 4709
64.Saudi Petrochemical Company 50.00%
SADAF Building
Road No. 121
Jubail Industrial City
PO Box 10025
Jubail 31961
Telephone: (966 3) 357 3000 /
357 3007 (Finance) / 357 3533 / 357
3012
Fax : (966 3) 357 3343 / 357 3142
E-Mail : bualiaa@sadaf.sabic.com / info@sadaf.sabic.com
65.AlJubail Fertilizer Company 50.00%
Al Jubail Fertilizer Building
Jubail Industrial City
PO Box 10046
Jubail 31961
Saudi Arabia
Telephone: (966 3) 341 6488
Fax : (966 3) 341 7122
E-Mail : albayroni@albyroni.sabic.com
66.AlJubail Petrochemical Company 50.00%
Al Jubail Petrochemical Company
Building
Street 183
Jubail Industrial Area
PO Box 10084
Jubail 31961
Saudi Arabia
Telephone: (966 3) 357 6000 /
357 6330
Fax : (966 3) 358 7858
E-Mail : kemya@kemya.sabic.com
67.Eastern Petrochemical Company 50.00%
Eastern Petrochemical Company
Building
Jubail Industrial City
PO Box 10035
Jubail 31961
Saudi Arabia
Telephone: (966 3) 357 5000
Fax : (966 3) 358 0383
68.National Chemical Fertilizer Company 50.00%
Ibn Al Baytar Compound
Jubail Industrial Area
PO Box 11044
Jubail 31961
Saudi Arabia
Telephone: (966 3) 341 9988
Fax : (966 3) 341 1257
E-Mail
: report@safco.net
69.National Methanol Company 50.00%
National Methanol Company
Building
Jubail Industrial City
PO Box 10003
Jubail 31961
Saudi Arabia
Telephone: (966 3) 340 5500
Fax : (966 3) 340 5604
70.SABIC Innovative Plastics Carville 50.00%
United States
71.Saudi Methanol Company 50.00%
Saudi Methanol Company Plant
Jubail Industrial City
PO Box 10065
Jubail 31961
Saudi Arabia
Telephone: (966 3) 357 7800
Fax : (966 3) 358 5552
E-Mail : arrazi@arrazi.sabic.com
72.SaudiYanbu Petrochemical Company 50.00%
Saudi Yanbu Petrochemical
Company Complex
Yanbu Industrial Area
PO Box 30333
Yanbu 21441
Medina
Saudi Arabia
Telephone: (966 4) 396 5000
Fax : (966 4) 396 5387
E-Mail : info@yanpet.sabic.com
73.Sinopec-Sabic-Tianjin Petrochemical Company [SSTPC] 50.00%
338 Nanjing Road
Nankai District
Tianjin 300100
China
Telephone: (86 22) 2720 1588
Fax : (86 22) 2720 1555
74.Yanbu National Petrochemicals Company 51.00%
Yanbu National Petrochemicals Company Building
Industrial Area Street
Yanbu Industrial City
PO Box 31396
Yanbu 21477
Telephone: (966 4) 325 4444 /
321 8080 / 321 1660
Fax : (966 4) 325 6666 / 321 8175
75.Saudi Arabian Fertilizer Company 42.99%
Saudi Arabian Fertilizer
Building
138 Road
Jubail Industrial City
PO Box 11044
Jubail 31961
Saudi Arabia
Telephone: (966 3) 341 1100 /
340 6617
Fax : (966 3) 341 1257 / 341 2367
Website : www.safco.com.sa
76.SaudiKayan Petrochemical Company 35.00%
Saudi Kayan Petrochemical
Company Building
Street 263
Jubail Industrial Area
PO Box 10302
Jubail 31961
Saudi Arabia
Telephone: (966 3) 359 3000
Fax : (966 3) 359 3111
E-Mail : subaienn@saudikayan.sabic.com
Website : www.saudikayan.com
77.Gulf Petrochemical Industries Company 33.33%
GPIC Complex, Building 51
3rd Floor
Street 1401
Umm Al Baid Area
PO Box 26730
Sitra
Bahrain
Telephone: (973) 1773 1777
Fax : (973) 1773 1047
E-Mail : gpic@gpic.com
Website : www.gpic.com
78.Gulf Aluminium Rolling Mill Company 30.28%
GARMCO Building
Sitra Industrial Area
PO Box 20725
Sitra
Bahrain
Telephone: (973) 1773 1000
Fax : (973) 1773 0542
E-Mail : garmco@garmco.com
Website : www.garmco.com
79.Laleh Petrochemical Company 30.00%
Mahshahr Special Economic Zone
Tehran
Iran
Telephone: (98 21) 6643 8606
80.Maaden Phosphate Company 30.00%
Maaden Phosphate Building
Jubail Industrial Area
PO Box 32001
Al Khobar 31952
Saudi Arabia
Telephone: (966 3) 881 1970
Fax : (966 3) 347 5682
81.Power and Water Utility Company for Jubail and Yanbu 24.81%
Marafiq Company Building
118 Street
P.O. Box 11133
Jubail 31961
Saudi Arabia
Telephone: (966 3) 340 1111
Fax : (966 3) 340 1168
E-Mail : jubail@marafiq.com.sa
Website : www.marafiq.com.sa
82.Aluminium Bahrain 20.00%
Aluminium Bahrain Building
King Hamad Highway
Askar Industrial Area
PO Box 570
Manama
Bahrain
Telephone: (973) 1783 0000
Fax : (973) 1783 0083
E-Mail : alba@alba.com.bh
Website : www.albasmelter.com
83.National Chemical Carriers 20.00%
Akariyah Building No 1
3rd Floor
Sitteen Street
Malaz Area
PO Box 8931
Riyadh 11492
Saudi Arabia
Telephone: (966 1) 477 3934
Fax : (966 1) 476 4328
E-Mail : info@ncc.sa.com
Website : www.ncc.sa.com
ACTIVITIES
The Company is involved in the following activities :
Manufacturers, distributors and exporters of petrochemicals, basic,
intermediate and industrial chemicals, plastics, metals, fertilizers and
polymers; production of gases and materials used in medical equipment,
computers, trucks and cars; aluminium smelting; operation, maintenance,
management, expansion and construction of seawater cooling, desalinated and
treated water and sanitary and industrial waste water systems; generation,
distribution and transmission of electricity; ownership and operation of
petrochemical carriers; provides engineering thermoplastic materials solutions;
investment in the petrochemical industry.
Holding Company for numerous companies engaged in petrochemical,
fertilizer, plastics, gas and steel production.
Subject operates through six business units. These are : Chemicals,
Polymers, Performance Chemicals, Fertilizers, Metals and Innovative
Plastics.
Subject produces the following :
- Chemicals : Olefins, Oxygenates, Aromatics, Chemical intermediates,
Fibre intermediates, Industrial
gases and Linear alpha olefins.
- Plastics : PVC and polyester and Polyolefins
- Fertilizers : Urea, Ammonia, phosphates and sulphuric acid
- Metals : flat and long steel
NACE Code: 0891 / 2011 / 2013 / 2014 / 2059
Brands: Cycolac, Cycoloy, Exatec, Extern, Geloy, Hadeed, LNP, Lexan,
Lubricomp, Noryl, Siltem, Starflam, Supec, Thermoclear, Thermoclick
Thermocomp, Ultem, Valox, Xenoy, Xylex
Exports worldwide.
FACILITIES
The Company has the following facilities :
Owned 55,000 sq. metres of office space, support and recreational
facilities in 16 storey twin tower block, which is constructed in the
shape of an archway, and the two towers merge at the 13th level to
form one block. Facilities include multi storey parking for 1,500
cars, basement parking, gymnasium, swimming pool, squash and
volleyball courts for employees. The complex also has its own sewage
treatment plant, and warehousing facilities.
The SR 250 million complex is located on a 29 hectare (284,500 sq.
metre) site in the Cortoba (or Kordoba) district of northeast Riyadh
off the King Khalid International Airport expressway. The architect
and consultant was Zuhair Fayez & Associates.
In June 1998 bids were submitted for the construction contract. On 8
October 2002 Crown Prince Abdullah opened the Sabic's new Riyadh
headquarters.
Research and development (R&D) centre in Jubail; comprising 500,000
sq. metre two storey facility housing administrative and laboratory
units, a clinic, cafeteria, library and prayer rooms. Built by
Almabani General Contractors Company at a cost of SR 115 million.
Subject and its subsidiaries has manufacturing and compounding
complexes spread across the world: 24 in the Middle East, 11 in Asia,
12 in Europe and 17 in the Americas.
84 sales offices across 80 countries.
45 storage, distribution and logistical hubs in 21 countries.
Until 2002 subject was located at Al Ma'ather District, Riyadh.
GENERAL INFORMATION
SABIC is a global company with its roots and a large part of its
business based in the Middle East. It is the largest and most
profitable non-oil company in the Middle East and one of the world s
10 largest petrochemicals manufacturers. It is a public company based
in Riyadh: the Saudi Arabian government owns 70% of its shares, and
the remaining 30% are held by private investors in Saudi Arabia and
other countries of the Gulf Cooperation Council. SABIC is one of the
founders of the Gulf Petrochemicals & Chemicals Association (GPCA).
SABIC has subsidiaries in four regions: the Middle East and Africa,
Asia, the Americas and Europe. SABIC is now composed of six strategic
business units (SBUs), organized by product. These are: Basic
Chemicals, Intermediates, Polymers, Specialized Products,
Fertilizers, and Metals. Each of these is headed by a Vice President.
These six business units make four different kinds of products:
- Chemicals - Basic Chemicals, Intermediates and Specialty Products
(three SBUs)
- Plastics - Polymers (one SBU)
- Fertilizers (one SBU)
- Metals (one SBU)
In addition, SABIC Innovative Plastics was launched in 2007 as a
global supplier of specialty plastics when SABIC acquired GE
Plastics.
BRANCH OFFICES
1. Jubail
PO Box 10040
Al Jubail Industrial City 31961
Telephone: (966 3) 347 7200
Fax: (966 3) 347 1552
Sub C.R. No. : 2055003702
2. Jeddah
PO Box 30204
Jeddah 21477
Telephone: (9662) 635 2802
Fax : (966 2) 636 2561
Sub C.R. No. : 4030204784
3. Riyadh (SABIC Industrial Complex forResearch and
Development)
PO Box 42503
Riyadh 11551
Telephone: (966 1) 499 9333 /
265 1661
Fax : (966 1) 265 1101 / 265 1686
Sub C.R. No. : 1010152830
3. Dammam
PO Box 2629
Dammam 31461
Telephone: (966 3) 847 2333
Fax : (966 3) 847 2016
4. Qassim office
PO Box 5027
Al-Qassim
Telephone: (9666) 322 0866
Fax : (9666) 322 0376
5. Yanbu
Sub C.R. No. : 4700012745
SPECIAL NOTE
You enquired on: SAUDI BASIC INDUSTRIES CORPORATION. Please note that
subject is also known by this name. Subject’s correct registered name is as per
heading.
The postal address which you provided: P.O. Box No. 59090, Riyadh 11525
is incorrect. Please note that subject's correct postal address is as per
heading.
Interviewed :Ahmed Duwahi(Administrative Officer)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.17 |
|
|
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.