SABIC demonstrates innovation-driven growth strategy with new research agreement with Swiss university

Saudi Basic Industries Corporation (SABIC) has further demonstrated its growth commitment by expanding its multi-year agreement with one of the world's top-ranked universities, ETH Zurich (Swiss Federal Institute of Technology, Zurich), under an umbrella agreement signed in Zurich, Switzerland, on January 21 for multiple future projects in a wide range of areas in technology and innovation.

SABIC had entered into a research collaboration agreement with the Swiss university last year in the field of functional materials and nanotechnology. The new agreement will strengthen this research alliance and allow the two sides to enter into strategic partnerships. The agreement will allow SABIC to develop advanced technologies into innovative solutions to meet global market needs and demands in many societal areas.

Ernesto Occhiello, Executive Vice President, SABIC Technology and Innovation, said that collaborative projects with well-established scientific organizations and research centers are an essential part of SABIC's research program. "These initiatives enable us to draw on knowledge and expertise from across the globe and for SABIC researchers to work with world class teams of scientists in the respective joint research areas," he said.

ETH Zurich regularly appears on the top of international university rankings. Twenty one Nobel Laureates have studied, taught or conducted research at the university, underlining the outstanding reputation of the institute.

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 24.72 billion (US$ 6.59 billion) in 2012. Sales revenues for 2012 totaled SR 189 billion (US$ 50.40 billion). Total assets stood at SR 338 billion (US$ 90.13 billion) at the end of 2012.

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.