12 Facts About SABIC

Saudi Basic Industries Corporation, known as SABIC, is a Saudi chemical manufacturing company.

In 2017, SABIC was ranked fourth in the world among chemical companies by Fortune Global 500.

SABIC was founded in 1976 by royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

SABIC's founding transformed the small fishing villages of Jubail on the Persian Gulf and Yanbu on the Red Sea into modern industrial cities.

SABIC is partners in three regional ventures based in Bahrain.

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SABIC is a market leader in key products such as ethylene, ethylene glycol, methanol, MTBE and polyethylene.

SABIC's wholly owned subsidiary, the Saudi Iron and Steel Company, based in Al Jubail, is one of the world's biggest fully integrated producers.

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.

In July 2002, SABIC commenced operations in Europe after the $2 billion acquisition of the petrochemicals business of Dutch group DSM.

In 2005, SABIC was the Middle East's largest 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.

In January 2007, SABIC Europe took over Huntsman Corporation plants in the UK.

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.