SABIC to focus on organic growth in Asia - CEO

25 May 2007 09:34  [Source: ICIS news]

By Nurul Darni

SINGAPORE (ICIS news)--Saudi Basic Industries Corp’s (SABIC) aims to focus on organic growth in Asia, and isn’t looking for acquisitions in the region, SABIC’s chief executive officer said on Friday.

“We aim to establish organic growth in Asia and intend to focus on that. We have recently opened offices in China where there are a lot of investment opportunities there as well,” said Mohamed Al-Mady, the company’s CEO, at the Global Trader Summit in Singapore, a two-day conference that started on Thursday.

SABIC has 11 offices in eight countries in the Asia Pacific region.

The Saudi petrochemicals major said it has no plans to acquire companies in Asia as “there is no culture of companies or companies’ assets being put up for sale in Asia, compared with Europe and the US.”

Earlier this week, it opened two new offices in Beijing and Shenzhen. In addition to the new offices in China, warehousing and storage units in Shanghai and Hong Kong had been joined by new facilities in Huangpu and Tianjin.

This month, SABIC successfully acquired GE Plastics for $11.6bn. The acquisition would give SABIC an important foothold in key automotive, consumer and industrial plastic markets.

By: Nurul Darni
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