SABIC Signs Long Term Storage Agreement with Oiltanking Stolthaven Antwerp
Sittard, the Netherlands – October 5, 2010 – At the annual meeting of the European Petrochemical Association (EPCA) in Budapest, SABIC, a global leader in the chemicals and plastics industries, yesterday signed a long-term contract with Oiltanking Stolthaven Antwerp NV for storage services. The agreement, which will go into effect in 2013, will ensure an uninterrupted supply of feedstocks to SABIC’s two major naptha cracking facilities in Geleen, The Netherlands. Oiltanking Stolthaven Antwerp, based in Belgium, will provide state-of-the-art storage with zero-emission tanks that exceeds Belgian environmental regulations, helping SABIC to ensure a sustainable supply chain. Next to that, a new jetty will be constructed facilitating insuring a very reliable service. This long-term partnership underscores SABIC’s strong commitment to its worldwide customers and service providers as well as to its production facilities at the Geleen site in the southern part of the Netherlands.
“This strategic agreement is an important aspect of SABIC’s new initiative to streamline the logistics of our global supply chain, thus enabling us to respond more quickly to changing customer needs,” said Yousef Al-Zamel, Executive Vice-President Chemicals, SABIC. “At the same time, we are pursuing investments and partnerships, such as the one with Oiltanking Stolthaven, which increase the sustainability of our supply chain. New vapour-recovery storage tanks in Antwerp, high-efficiency, large-capacity tankers and a pipeline with the latest safety features result in an end-to-end supply system that ranks among the most efficient and environmentally responsible in the world.”
Oiltanking Stolthaven Antwerp is a joint venture between Oiltanking GmbH and Stolthaven Terminals B.V. operating an independent terminal in Antwerp handling petroleum products, chemicals and gases.
“We look forward to the start of a long-term relationship with SABIC and making an important contribution to the company’s strategic goals of enhanced customer service and sustainable practices,” said Luc Jorissen, managing director at Oiltanking Stolthaven Antwerp.
“Our sophisticated infrastructure and highly skilled and experienced personnel will ensure a reliable supply of critical components for SABIC’s Geleen site. Moreover this new business will further on strengthen our position as the main chemical hub in Antwerp, being well integrated with the surrounding petrochemical industry.”
About SABIC
Saudi Basic Industries Corporation (SABIC) ranks among the world’s top six 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 9 billion (US$ 2.4 billion) in 2009. Sales revenues for 2009 totaled SR 103 billion (US$ 27 billion). Total assets stood at SR 297 billion (US$ 79.2 billion) at the end of 2009.
SABIC’s businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with six dedicated Technology & Innovation Centers in Saudi Arabia, Europe, the USA and India. The company operates in more than 40 countries across the world with 33,000 employees worldwide.
The company has 19 world-scale complexes in Saudi Arabia. Elsewhere, SABIC manufactures on a global scale in the Americas, Europe and Asia Pacific. SABIC’s overall production has increased from 35 million metric tons in 2001 to 59 million metric tons in 2009.
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.
