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President of People's Republic of China visits SABIC

Posted: 22 April 2006

As part of his official visit to the Kingdom of Saudi Arabia, the President of the People's Republic of China, His Excellency Hu Jintao, paid a visit to SABIC Headquarters in Riyadh.

He was received by His Highness Prince Saud bin Thunayan Al-Saud, Chairman, Royal Commission for Jubail and Yanbu and Chairman, Saudi Basic Industries Corporation (SABIC), Mr. Mohamed Al-Mady, SABIC's Vice Chairman and CEO and other executive management.

President Hu was briefed on the industrial progress achieved by the Kingdom. He viewed a film on SABIC's achievements, strategic plans and foreign investment trends, especially in China.

The President visited SABIC’s permanent exhibition which showcases the company’s historical progress, its product range, manufacturing complexes and highlights its contribution to the industrial, agricultural and construction sectors.

In his welcoming speech, Prince Saud bin Thunayan Al-Saud praised the strong and ever growing political, economic and technological relations between the two countries. He praised President Hu's astute leadership and the robust economic growth in China.

Mr. Al-Mady highlighted SABIC’s growth and explained how the company has become one of the world's top ten petrochemical companies and number one in terms of profits and sales growth. SABIC aspires to become one of the world’s leading petrochemical companies.

"SABIC praises the economic development in China. SABIC is proud to have entered the Chinese marketplace at an early stage," said Al-Mady.

"Since the 1980s, SABIC has been supplying fertilizers, synthetic fibers, iron, steel and plastic products to Chinese customers.

"We will reinforce our presence in China by establishing mega industrial projects. The Chinese market is a key strategic global petrochemical market from SABIC's point of view. As the Kingdom's leading company, we would continue to foster close commercial relations with China".



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