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|Saudi Organometallic Chemicals Company Breaks Ground on Jubail Aluminum Alkyls Facility|
-- Facility will manufacture 6,000 metric tons/yr of tri-ethyl aluminum
-- Strategic Middle East location will meet growing regional demand
JUBAIL, Saudi Arabia, Oct. 17, 2011 /PRNewswire via COMTEX/ --
Saudi Organometallic Chemicals Company (SOCC), a joint venture equally owned by Albemarle Netherlands B.V., a subsidiary of Albemarle Corporation (NYSE: ALB) , and SABIC affiliate, SPECIALTY CHEM (Saudi Specialty Chemical Company), held a groundbreaking ceremony on September 18, 2011 to initiate the construction of a new aluminum alkyls manufacturing facility in Jubail, Saudi Arabia.
Representatives from Albemarle, Samsung Engineering, SABIC, SOCC and SPECIALTY CHEM as well as a number of regional customers attended the ceremony. During the celebration, executive leaders from each company discussed the regional economic benefits that are expected as a result of the project. The facility is projected to create a number of new jobs, 80% of which will be reserved for Saudi nationals in accordance with the country's Saudization policy.
During his opening remarks, Koos Van Haasteren, Executive Vice President of SABIC Performance Chemicals, expressed his enthusiasm for the project and for the opportunity to collaborate with the partnering companies, "We are proud of our partner, Albemarle Corporation, which has a proven track record of maintaining in-depth relationships with customers and a good record in social responsibility," said Van Haasteren. He also praised Samsung's commitment to delivering the project safely, on time, and on budget.
"Albemarle is delighted to join SABIC in a venture to provide key catalyst raw materials to our customers in one of the highest growth regions in the world for petrochemical production," said John Steitz, Albemarle's Chief Operating Officer.
Khalil Ibrahim Ibn Salamah, SOCC's Chairman of the Board, described the project as a natural extension of the growth being experienced by the regional petrochemical industry. He also expressed his commitment to recruiting and training a local workforce to help operate the facilities.
The construction phase of the new project, which is the first of its kind in the Middle East, is scheduled for completion in the fourth quarter of 2012. The facility will manufacture 6,000 metric tons/yr of tri-ethyl aluminum (TEA), a Ziegler Natta co-catalyst used in the plastics industry. The plant is being built at this location to bring TEA production closer to the end-users, thus supporting growing regional demand.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Albemarle Corporation's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K.
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 21.5 billion (US$ 5.73 billion) in 2010. Sales revenues for 2010 totaled SR 152 billion (US$ 40.5 billion). Total assets stood at SR 317.6 billion (US$ 84.5 billion) at the end of 2010.
SABIC's businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 18 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India and China. The company operates in more than 40 countries across the world with 33,000 employees worldwide.
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific. SABIC's overall production has increased from 35 million metric tons in 2001 to 66 million metric tons in 2010.
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.
SOURCE Albemarle Corporation
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