SABIC targets profitable long-term organic, inorganic growth, to maintain capex: CEO

SABIC Vice Chairman and CEO Yousef Al-Benyan

Saudi Basic Industries Corp. (SABIC) is targeting profitable long-term organic and inorganic growth while maintaining strong capital expenditure (Capex) discipline, according to Vice Chairman and CEO Yousef Al-Benyan.

“To make this possible, we are leveraging our contributions to Vision 2030, expanding our asset footprint in the US and enhancing our presence in Asia and Europe,” he said in an interview published in the Gulf Petrochemicals and Chemicals Association’s (GPCA) Insight December 2021 edition.

The CEO said that SABIC recognizes that the emerging circular carbon economy will create new long-term opportunities, citing investment in Teesside, UK, that allows the chemical cracker to be modernized, lowering its carbon intensity.

Meanwhile, Al-Benyan said that the company’s carbon neutrality strategy is aligned with the Saudi Green Initiative (SGI) goals.

“We shall continue to take bold actions that support the Kingdom’s ambitions,” he told the magazine.

SABIC operates the world’s largest CO2 capture and purification plant in Jubail while demonstrating how energy-intensive industries can be transformed with renewable electricity.

The petrochemicals major is developing the world’s first large-scale chemical site to operate entirely on renewable power and developing solutions for electrically heated steam cracker furnaces to reduce emissions by up to 90%.