SABIC 2025 strategy requires acquisitions, says CEO

Saudi Basic Industries Corp.’s (SABIC) 2025 strategy calls for making acquisitions, Chief Executive Yousef Al-Benyan said during the Future Investment Initiative conference in Riyadh.

The acquisitions will focus on the company’s basic sector, in addition to specialized materials, he said. The target markets include the United States, China, as well as the African market for its positive future outlook.

As for the joint oil-to-chemicals project with Saudi Aramco, the deal will likely be signed before the end of this year. Both Aramco and the Saudi government support this project for its national importance, Al-Benyan said.

In June 2016, both companies signed an agreement to establish the first industrial complex in the Kingdom to process crude oil into chemicals, without refining, Argaam previously reported.