Saudi Basic Industries Corp. (SABIC) currently has no plans to enter the debt market, the company’s chairman and CEO, Yousef Al-Benyan, said today on the sidelines of the World Economic Forum (WEF) in Davos.
“However, if in the future, funding is needed for projects such as the recently announced petrochemicals plant in China and the United States, we could revisit the option,” Al-Benyan said, as quoted by Al Arabiya.
SABIC’s capital expenditure reached SAR 4.5 billion in 2018, and approximately the same figure will be spent in 2019, he added.
“The deal will strengthen SABIC’s position in the market and will enable it to provide innovative solutions to its customers. SABIC’s futuristic strategy focuses on investing in technology, as it has 21 research centers around the world and has established a technology investments company,” Al-Benyan said, commenting on the petrochemical producer’s recent acquisition of a stake in a US-based nanotechnology firm.
Commenting on Saudi Aramco’s plans to buy a controlling stake in SABIC from the Saudi Public Investment Fund (PIF), he added: “The deal, if finalized, would unify the efforts of two oil and petrochemical giants that would benefit the Kingdom and help realize relevant objectives of Vision 2030.”
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