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MIFT: Petrochemistry as a driver for development of economic partnership between Uzbekistan and Saudi Arabia

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MIFT: Petrochemistry as a driver for development of economic partnership between Uzbekistan and Saudi Arabia

Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov visited the headquarters of the Saudi petrochemical corporation SABIC, where he met with the company’s Chief Executive Officer Yousef Abdullah Al-Benyan in Riyadh, reports “Dunyo” IA correspondent.

During the meeting, the management of the corporation made a presentation on the company’s activities, its achievements in processing of hydrocarbon raw materials and manufacture of polymer products, chemicals, fertilizers and structural materials as well as introduction of its own innovative developments in various industries, and also outlined the vision for the the company’s further development in the medium and long term.

For reference: SABIC Industrial Corporation (Saudi Arabia Basic Industries Corporation) was founded in Saudi Arabia in 1976. SABIC is a diversified concern that produces both intermediates and polymers, fertilizers, active chemicals and metals. SABIC Group is the third largest producer of polyethylene, the fourth largest producer of polyolefins and polypropylene. The corporation is also the world’s largest producer of methyl tert-butyl ether, polycarbonate, polyphenylene and polyester imide.

During the meeting, it was noted that the company’s strategy is based on the production of products with high added value, which corresponds to the state industrial policy of Uzbekistan aimed at deep processing of raw materials and natural resources in order to create high-tech and sought-after products.

The parties discussed the possibilities of establishing practical cooperation, bearing in mind the implementation of investment projects in Uzbekistan using MTO (methanol to olefins) and MTP (methanol to propylene) technologies, as well as projects to create new facilities for production of chemical fertilizers.

Following the meeting, further steps were outlined to implement promising areas of partnership and mutually beneficial projects.

“Dunyo” IA