MOSCOW (MRC) -- Saudi Basic Industries Corp., the world’s largest petrochemicals maker by sales, named Yousef Al-Benyan acting chief executive officer after Mohammed Al-Mady stepped down to be president of Saudi Arabia’s Military Industries Corp., reported Bloomberg.
Al-Benyan will remain chief financial officer until Sabic’s board decides on a permanent CEO, Mohammed Al Motawa, a company spokesman, said by phone.
King Salman bin Abdulaziz yesterday appointed Al-Mady president of Military Industries Corp. at the request of Defense Minister Mohammed bin Salman.
As MRC informed previously, in 2013, Sabic opened a new engineering thermoplastics compounding facility and a polypropylene compounding plant at its manufacturing facility in Jubail, Saudi Arabia. The products to be manufactured at the new facilities are aimed for the consumer electronics, healthcare, transportation, building and construction industries.
Sabic is ranked among the world's largest petrochemicals manufacturers. It is the largest public company in Saudi Arabia. The comany manufactures chemicals and intermediates, industrial polymers, fertilizers and metals. It is currently the second largest global ethylene glycol producer, the third largest polyethylene manufacturer, the fourth largest polyolefins manufacturer and the fourth largest polypropylene manufacturer. Among its products are propylene, paraxylene, styrene, vinyl chloride monomer.