"Sabic will continue to seize opportunities in China as a ‘local player’," said CEO Abdulrahman Al-Fageeh. — China Daily
BEIJING: Saudi Arabian petrochemicals company Sabic is committed to further collaborating with upstream and downstream value chain partners to unlock huge opportunities in China, thereby driving the innovative development and structural transformation of the industry, its top executive says.
“China, as one of our priority markets that contributes close to 20% share of Sabic’s total revenue, and stands at the forefront of our preferred investment destinations,” said Sabic chief executive officer Abdulrahman Al-Fageeh.
“With a double-digit year-on-year growth in volume that accounts for more than half of the total volume in Asia, Sabic will continue to seize opportunities in China as a ‘local player’ with a strong local strategy and bid to become the preferred world leader in chemicals,” he said.
“We are glad to see that China has been steering the country’s growth path towards high-quality development and ranking sustainability, as well as innovation, high on its agenda as the primary drivers of its growth,” he added.
“This additionally sets the tone for the development of the petrochemical industry, featuring a reasonable structural layout that is green, safe and low-carbon and offering abundant opportunities for industry leaders such as Sabic,” he said.
China, a leading market for chemicals that accounts for more than 40% of global petrochemical demand, is projected to contribute 29%, the largest share, to global petrochemical capacity additions by 2030, according to data and analytics company GlobalData.
“On a path to high-quality development, this vast market, robust infrastructure and preferential policies are bound to give rise to emerging opportunities.
“These include those in Sabic’s focus industries, such as 5G communications, electric vehicles, photovoltaic power, and chemical and mechanical recycling, he said.
Though it faces some serious global issues such as climate change, Al-Fageeh said he believes operating sustainably is the only path to future growth for the petrochemical industry. — China Daily/ANN
