Prince Saud bin Abdullah bin Thunayan Al-Saud, Chairman of Saudi Basic Industries Corporation and Royal Commission for Jubail and Yanbu, inaugurated the 6th SABIC Technical Meeting (STM6) entitled “Face the Challenges” in Jubail.
“SABIC will face many challenges on its path to success. By overcoming these challenges, the company will continue to play a key role in the nation’s economy. In the light of fluctuating global conditions and changing economic conditions, there is a wave of change in the liberalized world. Companies face stiff competition from mergers and acquisitions and the impact of new members’ joining of the World Trade Organization,” he said.
“The best way to overcome current challenges is to adopt rational, scientific procedures and find innovative and creative solutions. STM6 substantiates SABIC’s ambition to become one of the world’s leading companies. SABIC will realize this objective by making use of scientific and technological research and by synchronizing its marketing, administrative and service activities,” Al-Saud told Arab News.
The company will minimize its costs in various operations. It will implement measures to add value to the quality of its products and services in order to enhance its competitive capabilities. This will guarantee firm, long-term relations with local and overseas customers.
“The annual SABIC Technical Meeting event has enjoyed great success. Last year, SABIC accomplished great achievements not only in production, marketing and profits, but also in the fields of safety and environment. For example, SABIC affiliates have achieved 93 million man-hours, without any lost-time injury. This is a remarkable safety performance in the petrochemicals industry. The globalisation of SABIC R and T has generated numerous international patents for the company,” SABIC Vice-Chairman and Chief Executive Officer Mohamed Al-Mady said.
The company has led the way in the invention of several important process technologies and catalyst-related technologies and products. “I expect that SABIC will become the world’s largest producer of Ethylene Glycol by the year 2006, with the acquisition of Scientific Design with a 50:50 partnership with Süd-Chemie of Germany, a world leader in Ethylene Glycol,” he said.
Ibrahim Al-Shuweir, Chairman of the Organizing Committee, said that there had been a rise in the number of people participating in this year’s meeting and the number of working papers submitted.
The three-day seminar, which concludes later today, discusses various issues related to research, technology and other operational and technical aspects of the petrochemicals industry.
Source: SPA
