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HRH Governor of Medinah Launches New Acetic Acid Technology at Ibn Rushd Complex in Yanbu

Source: www.gulfoilandgas.com 5/25/2005, Location: Middle East

His Royal Highness Prince Mogran Ibn Abdulaziz Al Saud, Governor, Medinah District, launched break through SABIC developed acetic acid technology. HRH inaugurated the new technology plant at IBN RUSHD complex in Yanbu Industrial City. HRH was received by HH Prince Saud Ibn Thunayan Al Saud, Chairman, Royal Commission for Jubail and Yanbu and Chairman, Saudi Basic Industries Corporation (SABIC), Eng. Mohamed Al Mady, SABIC Vice Chairman and CEO, SABIC high ranking officials and Presidents, SABIC Affiliates.

HH Prince Saud Ibn Thunayan: "It is 100% pure Saudi technology and the first of its type worldwide."

HE Mohamed Al-Mady: "It took SABIC seven years to accomplish. The new technology is expected to boost the companyís competitive capabilities."

Prince Saud Ibn Abdullah Ibn Thunayan said, "I would like to express my utmost appreciation and gratitude to HRH for patronizing this event and praise his continuous support to SABIC and its industries. This new project is of strategic importance as it will strengthen the integrity of the operations within the IBN RUSHD complex and elsewhere in the Kingdom as acetic acid used to be imported. The project also features the application of a pure Saudi developed technology which is the first of its type worldwide. It is based on the oxidization of ethane and differs from the conventional methanol-based technology.

"The IBN RUSHD complex is a symbol of close cooperation between SABIC and a number of national and regional companies and enterprises. It reflects the confidence in the Kingdomís economy."

HE Eng. Mohamed Al Mady, SABIC Vice Chairman and CEO said, "The coming on stream of the acetic acid plant is a great economic feature and will provide increased profitability. The plant will produce 34,000 metric tons of acetic acid per annum. The success of the new technology will encourage SABIC to expand commercial production to meet the downstream needs in the domestic market and strengthen the Kingdoms image in the global export and technologies market."

"It took SABIC seven years to perfect this new technology which will help breakdown foreign companiesí monopoly of industrial technologies. This high-technology is wholly owned and patented to SABIC."

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