Thursday, October 11, 2007

SABIC allocates over SAR30 bln for current and planned investments

Domestic construction boom and a growing market for petrochemicals abroad has led to escalating petrochemical demand. This has provided the thrust for Saudi Basic Industries Corp (SABIC) to go full throttle into an expansion mode in order to cope with the escalating demands. SABIC has allocated over SAR30 billion for current and planned investments in various projects, and is also going ahead with plans for joint ventures and acquisitions. In the process, SABIC has acquired international stature as it scouts for markets overseas to leverage its strength amid stiff competition.

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