MOSCOW (MRC) -- One of the world’s largest petrochemical manufacturers, Saudi Basic Industries Corporation, or Sabic, will make "at least one acquisition" next year, according to its chief executive, reported GV.
Yousef Al Benyan, acting vice chairman and chief executive of the Riyadh-based company, said on that Sabic was planning to announce the potential additions to its core market early in 2016. "I can tell you that [we are evaluating] between two to four companies in North America and China,” he said, declining to expand on the types of companies being looked at.
"All options are open as long as those potential targets fit with the strategy either in our core products - specifically technology – we are willing to go after it," said Al Benyan. Sabic’s goal is to take advantage of the current market volatility, triggered by the drop in oil prices, which has threatened the industry as margins tighten.
Al Benyan said that the Gulf Cooperation Council (GCC) petrochemical industry had to improve its competitiveness with the rising threat of US producers and increasing self-sufficiency of China.
As MRC wrote before, in November 2014, KBR was awarded a front-end engineering design (FEED) contract by Saudi Basic Industries Corp. (SABIC) for the debottlenecking and expansion of its Petrokemya butadiene extraction plant in Al Jubail, Saudi Arabia.
Besides, Sabic is modifying its Wilton cracker in the UK to enable it to use ethane feedstock imported from the US. The company is aiming to complete the project by 2016.
Saudi Basic Industries Corporation (Sabic) ranks among the worldпїЅs top petrochemical companies. The company is among the worldпїЅs market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
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