SABIC signed a Memorandum of Understanding (MoU) with the Yanbu Chamber of Commerce and Industry to continue enabling the objectives of local content, business development and technology transfer, said the company.
The MoU was signed at Yanbu Chamber headquarters on May 23 in the presence of Prince Saud bin Khalid Al-Faisal, Deputy Governor of the Madinah region.
The MoU was signed by Eng. Abdullah Saif Al-Araifi, Vice President, SABIC’s Local Content and Business Development Unit, and Ahmed bin Salem Al-Shaghdali, Chairman of the Board of Directors of Yanbu Chamber, in the presence of a number of officials from SABIC and Yanbu Chamber.
It is meant to promote cooperation to develop local content initiatives in targeted sectors, promote job creation, localize industries and technologies, and share expertise.
The signing of the MOU with the Yanbu Chamber demonstrates the commitment of SABIC – through its Nusaned™ initiative – to support the national workforce and competencies and develop local content to promote the national industry in the Kingdom. The aim includes creating job opportunities, developing innovation and advancing industrial production, which eventually contributes to achieving the goals of the Saudi 2030 Vision.
The MoU sheds light on the various initiatives and investments introduced by SABIC to serve the community by training and empowering the youth and developing the efficiency of the Saudi workforce and entrepreneurs. It is also a part of SABIC’s national initiative (Nusaned™), which is meant to support small and medium-sized local manufacturing companies to contribute to developing local content.
As per MRC, SABIC has completed the acquisition of Clariant’s 50% stake in specialties company Scientific Design. The purchase makes SABIC a 100% shareholder of Scientific Design, which is a licensor of high-performance process technologies and catalysts producer.
As MRC informed previously, in January 2022, ExxonMobil and SABIC announced the successful startup of Gulf Coast Growth Ventures world-scale manufacturing facility in San Patricio County, Texas. The new facility will produce materials used in packaging, agricultural film, construction materials, clothing, and automotive coolants. The operation includes a 1.8 MM metric tpy ethane steam cracker, two polyethylene (PE) units capable of producing up to 1.3 MM metric tpy, and a monoethylene glycol (MEG) unit with a capacity of 1.1 MM metric tpy.
Saudi Basic Industries Corporation (SABIC) ranks among the world's top petrochemical companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
mrchub.com