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FINANCIAL NEWS
SABIC seeks to expand further into India
25 Feb 2011
(MENAFN) The Vice President and member of the board of directors of Saudi Basic Industries Corporation (SABIC), Ahmed Alumar, said that the company is negotiating the possibility of a joint venture with several petrochemical firms in India, reported The Saudi Gazette.
Alumar said that SABIC is seeking to benefit from the huge potential of the Indian market.
Alumar added that SABIC is also working on expanding its research and technology facility in India, which would be completed by the end of 2011 or early 2012.
It is worth noting that India’s imports of petrochemical products amount to more than USD22 billion ever year. It has great potential in its core business areas like chemicals, fertilizers, innovative plastics, polymers and performance chemicals.
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