The green world this week: SABIC determines to take fight to European giants

05 February 2007 00:00  [Source: ICB]

SABIC DETERMINES TO TAKE FIGHT TO EUROPEAN GIANTS

SABIC is planning to expand into value-added speciality chemicals to compete with European giants such as BASF.

Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, last week, the company's CEO, Mohamed Al-Mady, told Bloomberg: "The Europeans are developing more sophisticated products, and so are we."

SABIC also plans to spend $23bn (€17.7bn) to increase total production by 49% to 73m tonnes/year by 2009, he added.

By 2020, specialty chemicals such as polycarbonates will make up 25% to 30% of the firm's sales, according to its forecast.

Other chemical leaders at Davos included Dow Chemical CEO Andrew Liveris, who said that the company could make $10bn of acquisitions, although Dow would not comment on market speculations that it could buy the plastics unit of General Electric (GE).

"I don't speculate on specifics, but affordability-wise, we can do that sort of number," Liveris told Reuters.

However, he said that a purchase of GE's business would raise antitrust issues, although it was possible that these could be addressed.

Liveris had earlier said that a move on styrenics could be expected "anytime soon."

Liveris also revealed that Dow could cooperate with Gazprom on the building of mass-chemical production facilities, in return for the sale of feedstock from it at a lower price.

More news:

Unipol confirms Kaucuk sale
NGOs call for UNEP ban on mercury
Coal summit gives RAG IPO green light
Shell back in the black
World Watch
l5-minute News Watch

See also www.icis.com/news

Back to contents





AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Subscribe & save 30%
Subscribe Today

Sample issue >>
My Account/Renew >>
Register for online access >>

ICIS Top 100 Chemical Companies
The ICIS Top 100 Download the listing here >>

Related Articles