If Saudi Aramco is understood as the "PetroChina" of this Middle East country, Saudi Basic Industries Corporation can be called Saudi Arabia's "China Chemical Industry." The state-controlled giant also sells chemicals, and is the largest chemical manufacturer in the Middle East. The Saudi government holds 70% of the company's shares. Globally, it is also the fourth-largest chemical company after BASF, Dow, and other multinational giants. Last year's sales revenue was $35.4 billion. After 28 years in the role of Saudi Basic Industries, Yusuf Al-Baiyan served as the company’s deputy chairman and chief executive officer in 2015. After he took the helm of Saudi Basic Industries, the company had a big move in the media and it was Yusuf’s latest business decision to establish a joint venture with Saudi Aramco. The cooperation was announced at the end of November this year. Two Saudi state-owned enterprises plan to set up a factory with an investment of 20 billion U.S. dollars. It is expected to be operational in 2025. Saudi Aramco's oil will be converted into chemical products for sale. The plant's designed annual production capacity reaches 9 million tons. This move is regarded as one of the important measures taken by the Saudi government to rejuvenate its economy. In the past few years, the oil price has been low and the economic model relying solely on crude oil exports has been difficult to sustain. The authorities are eager to develop the manufacturing industry including chemical industry locally. To deliver on the blueprint described in the Vision 2030. In addition to Saudi domestic investment projects, Yousuf also attaches great importance to the company's overseas, especially China and the United States. He mentioned at a roundtable forum for Chinese media held on December 8th that China and the United States had previously been major importers of chemicals. However, with the expansion of local production capacity, the self-sufficiency rate has been rising year by year. Saudi Basic Industries hopes to transform itself into a competitor with sufficient production capacity in overseas markets, not just importers of chemicals. The overseas market performance is very important to the company. The Chinese market accounts for about 18% of the total revenue of Saudi basic industry. Saudi Basic Industries has already prepared a large-scale investment project in China and the United States. In August last year, Saudi Basic Industries Co., Ltd. and Shenhua Ningxia Coal Group Corporation and Ningxia Hui Autonomous Region Government reached a principled consensus on the establishment of a joint venture, and the three parties will cooperate to build a coal chemical complex. In the United States, Texas, the company also disclosed plans for a new chemical plant with ExxonMobil this year. The ethylene cracking project has an annual production capacity of 1.8 million tons, which is the largest in the world. According to Jusuf, the above three projects will achieve the company's endogenous growth. In the past three years, the global chemical market has been sluggish, and Saudi Basic Industries has not been spared. In 2016, the company’s revenue decreased by 29% compared to 2014, and its profit also fell by about 23%. In addition to the joint venture plant with China Shenhua, Yusuf is also seeking to deepen cooperation with more Chinese companies. In March this year, Saudi Basic Industries and Sinopec signed a strategic cooperation agreement to seek the possibility of establishing joint venture companies in the two countries to develop petrochemical projects. At the same time, it will expand the investment scale of Sino-Tianjin (Tianjin) Petrochemical Co., Ltd., a joint venture between the two companies. The project was put into production in 2010 and will produce 3.2 million tons of chemical products annually. Yu Su-fu's other plan for corporate growth is mergers and acquisitions, and he is no stranger to the extra-ordinary growth. Ten years ago, Saudi Basic Industries had spent US$11.6 billion to purchase GE's plastics business group, which completed its expansion in North America. In an interview with Reuters this year, Yousuf has revealed that in the next five years, the company plans to invest 3-10 billion U.S. dollars in the field of specialty materials and agricultural nutrients to seek acquisition targets to boost the performance of these two business units. . The acquisition plan is based on Yusuf's judgment on the chemical market. In his view, bulk chemicals are more susceptible to the cyclical impact of crude oil prices, while fine chemicals have less volatility. The expansion of specialty and agricultural nutrient sectors can reduce the impact of commodity price fluctuations on companies. The business structure of Saudi Basic Industries has also been adjusted accordingly. The original six business units were reduced to four, special materials and agricultural nutrients became two independent units, and other types of bulk chemicals were included in the petrochemical industry. Strategy Division unified management. In this round of structural adjustment, the only one that has not been affected is the relatively independent steel business unit. The gradual roll-out of investment plans will also test Saudi Basic Industries' financial balance. When asked about this problem, Yousuf has elaborated on his business strategy: diversify the company's investment globally, diversify production raw materials (introducing shale gas, coal as raw materials), and implement the bargain-hunting at a low point. Investing and waiting for the industry to recover. “This is an elaborate, complicated and very good strategy, but it has been very sad for me to perform it, which is why I have lost my hair.†Yusuf said half jokingly at the end of this reply. Fortunately, the performance of Saudi Basic Industries is gradually recovering, benefiting from factors such as product price recovery. In the third quarter of this year, the Saudi company has achieved the best results since the second half of 2015.
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