More on Sabic
| SABIC (Saudi Basic Industries Co) CEO: Mohamed Al Mady
CFO: Mutlaq Al Morished
Ownership: 70% held by the government of Saudi Arabia; 30% available to Saudi and GCC citizens on the Saudi stock exchange
Headquarters: Riyadh, Saudi Arabia
Products: basic chemicals comprising olefins, aromatics and oxygenates, as well as the intermediate products and derivatives
Financing this year: $4 billion in local stock exchange flotation (May) and $6 billion in syndicated loan with Islamic and conventional tranches (expected to close early December) for the Saudi Kayan petrochemicals project; $7.6 billion syndicated loan and $1.5 billion Eurobond (both issued in August) for the acquisition of GE Plastics; Saudi Riyal 8 billion ($2.1 billion) sukuk (issued in August)
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Borrowing $17 billion in one year is no mean feat for any organization. But then Sabic is no ordinary business. As Saudi Arabia’s leading conglomerate, the Saudi Basic Industries Company, has influence throughout the world.
Sabic produces the key oil-derived ingredients – ethylene, propylene, and benzene, to name some of the biggest – for the pipes and cogs, as well as much of the clutter, on which industrialized societies are built. Being a Middle East company, its main plants are closer to the fast-growing economies of Asia than the ageing markets and factories of Europe and North America.
