Gulf Oil and Gas accountACCOUNT

Crown Prince inaugurates and lays the foundation stones of a number of SABIC projects.

Source: www.gulfoilandgas.com 12/25/2004, Location: Middle East

On Saturday December 25, 2004, Crown Prince Abdullah laid the foundation stone of Jubail Industrial City -II. Also, Prince Abdullah inaugurated and laid the foundation of several mega projects of the Royal Commission for Jubail and Yanbu, SABIC, Marafiq (The Power & Water Utility Company for Jubail and Yanbu) besides some national private sector companies.

Prince Abdullah also laid the foundation stones of (Hadeed) expansion project, SAFCO Expansion Project 4, and AR RAZI Expansion Project 5. He inaugurated the first phase of the United Company, Petrochemia Poly Ethylene Plant, the fifth phase of the GAS Co. as well as SABIC R&D in Jubail.

Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud, Chairman Royal Commission for Jubail and Yanbu and Chairman Saudi Basic Industries Corporation (SABIC) stated that Jubail and Yanbu are a national symbol that give concrete form to the ability of Saudis to create sophisticated development and diversify the sources of income other than oil. It is an unsurpassed experience that will attract local and foreign investments. Jubail Industrial City-II, SABIC and the private sector’s new projects are concrete evidence of the Saudi successful and strategic planning to drive the country’s economy to minimize reliance on oil resources as a torchbearer of the country’s privatization drive. Crown Prince’s visit assures the Saudi sound economy and ability to continue development and face greater challenges.

On the other hand, Mohamed H. Al-Mady, Vice Chairman & CEO Saudi Basic Industries Corporation (SABIC), described the Royal visit as the “season of plantation and the feast of harvest”. He pointed out that SABIC has become, within a record period, one of the world’s largest companies and well advanced ahead of old established major manufacturing companies. SABIC has built up a highly qualified and well trained Saudi industrial generation of 11,000 engineers, technicians and skillful labor. SABIC successfully migrated from products manufacturing and marketing to the innovation and exporting of technologies. Such great pace of development has been realized thanks to God willing and the unique care and attention received from the Custodian of the two Holy Mosques, the Crown Prince, the Second Deputy Premier and the rational Saudi government.


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