Operations
SABIC is composed of six strategic business units and a manufacturing group. These are: Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics, plus manufacturing. (Innovative Plastics also contains manufacturing plants)
In July 2002 SABIC commenced operations in Europe after the $1,983 million acquisition of the petrochemicals business of Dutch group DSM. (SEP). SABIC Europe SABIC’s European subsidiary, produces over 2 mmt of polymers and over 5 mmt of basic chemicals, employs over 3,000 people, and has two major manufacturing locations in Geleen in the Netherlands and Gelsenkirchen in Germany. SABIC became the 11th largest petrochemicals company in the world. That purchase signified SABIC’s intent to expand and become a true global company.
In 2004, the value of SABIC shares, listed on the Saudi Stock Market, increased 170% while its net profits increased by 112% from 2003 to 2004.
In 2005, SABIC was the Middle East's largest (in terms of market capitalization) and most profitable publicly listed non-oil company, the world's 11th largest petrochemical company, ranked 331 on the Fortune Global 500 for 2005, the second largest producer of ethylene glycol and methanol in the world, the third largest producer of polyethylene and overall the fourth largest producer of polypropylene and polyolefin. Standard and Poor's and Fitch Ratings claimed SABIC to be the world's largest producer of polymers and the Persian Gulf region's largest steel producer for 2005 and assigned SABIC 'A' corporate credit rating. That same year, Bloomberg ranked SABIC as the 13th largest company in the world in terms of market capitalization (at the beginning of 2005 it exceeded SAR375 billion, the equivalent of USD100 billion) and the second largest by market value outside the US and UK.
In June 2006, SABIC established the "SABIC Sukuk Company" to issue Islamic bonds (Sukuk) that are estimated to range between SAR1 billion (USD266.67 million) and SAR3 billion (USD800 million).
In January 2007, SABIC Europe took over Huntsman Corporation plants in the UK. Headquartered in Sittard, Netherlands, SABIC Europe has a European wide network of sales offices and logistic hubs, as well as three petrochemical production sites in Europe: Geleen (Netherlands), Teesside (United Kingdom), and Gelsenkirchen (Germany).
In 2008, SABIC Europe produced 7.3 million metric tons of petrochemicals, mainly for the European market.
On May 21, 2007, SABIC acquired General Electric's Plastics division, in a $11.6 billion cash deal, including $8.7 billion of its liabilities, and launched SABIC Innovative Plastics. One of their plants is located in Bergen op Zoom, Netherlands. In the same year, the company ranked 145 (Previous rank: 301) in Forbes Global 2000 list. Today, SABIC Innovative Plastics is a multi-billion-dollar company with operations in more than 25 countries and over 9,500 employees worldwide.
In July 2009, the company received approval from the Chinese government to build a US$3 billion (Dh11bn) petrochemical complex in China, in order to gain a foothold in the world's fastest-growing chemicals market.
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