SABIC signs research agreement with German research organization to develop advanced technologies into innovative solutions

The Saudi Basic Industries Corporation (SABIC) and Fraunhofer-Gesellschaft, a leading German organization for applied research, signed a multiyear agreement in Sittard, the Netherlands, on June 22 to mutually develop advanced technologies into innovative solutions, meeting global needs and demands in societal areas such as light weight construction and renewable energy.

The agreement was signed by Dr. Ernesto Occhiello, SABIC Executive Vice President, Technology and Innovation, and Prof Ulrich Buller, Senior Vice President Research Planning, Fraunhofer-Gesellschaft.

The strategic agreement between the two companies comprises various research areas. SABIC is especially interested in research cooperation in fields such as light weighting products including polymeric materials and composites, with applications in the automotive and aerospace industry. SABIC also has a strong interest in solar energy technology, which SABIC strongly supports with its innovative products.

Commenting on the agreement, Occhiello said, “We are proud to partner with Fraunhofer, reputed to be Europe’s largest application-oriented research organization. As in the case of SABIC, the work undertaken by their researchers and developers has a significant impact on people’s lives.”

Occhiello added, “We have built, and are continuing to build, networks of research alliances with key global partners and innovation leaders to meet our strategic growth ambitions, address customer interest, and meet sustainability needs,”

Fraunhofer is Europe’s largest application-oriented research organization. Their research efforts are geared entirely to people’s needs: health, security, communication, energy and the environment.

Notes to Editors

• * Trademark of SABIC Petrochemicals B.V.
• SABIC is a registered trademark of SABIC Holding Europe B.V.
• High-resolution photos are available upon request

About SABIC

Saudi Basic Industries Corporation (SABIC) ranks among the world’s top petrochemical companies. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.

SABIC recorded a net profit of SR 29.24 billion (US$ 7.80 billion) in 2011. Sales revenues for 2011 totaled SR 189.90 billion (US$ 50.64 billion). Total assets stood at SR 332.78 billion (US$ 88.74 billion) at the end of 2011.

SABIC’s businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 16 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India and South Korea. The company operates in more than 40 countries across the world with around 40,000 employees worldwide.

SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.

Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.

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This release was published on openPR.