Industry

After Aramco, SABIC wants to expand presence in India

SABIC is confident in terms of understanding the Indian market, says CEO Al-Benyan.

SABIC is confident in terms of understanding the Indian market, says CEO Al-Benyan.   | Photo Credit: Reuters

Plans to leverage on specialty chemicals

Saudi Arabian petrochemicals major SABIC is looking to expand its presence in India. This, after Saudi Aramco, a leading global energy firm, picked up stake in a proposed $44 billion refinery project in India.

Growth strategy

“We have made a growth strategy for 2025 and one of the objectives is to grow our basic chemicals and leverage our specialty chemicals in India,” Yousef Abdullah Al-Benyan, vice-chairman and CEO, SABIC, said on the sidelines of an industry conference. India’s chemical industry is projected to reach $300 billion by 2025 at a compounded annual growth rate (CAGR) of 8-10%, according to reports, and SABIC wanted to be a part of this, he said.

When asked if the company had identified any opportunities for acquisitions, Mr. Al-Benyan said, “There are certain opportunities that we are looking and hopefully we will be able to materialise them soon. All options are available.”

SABIC has invested more than $100 million in its technology and innovation centre in Bengaluru, one of the largest investments in India by a Saudi company. The focus has been to build research competencies to support growing market needs in India and worldwide.

“Given that SABIC has been present in India for more than 25 years, we are confident in terms of understanding the Indian market and being able to generate value for all stakeholders, the government, our customers and business partners. We acknowledge the opportunities in India, and positively hope to continue strengthening our footprint and partnerships here,” Mr. Al-Benyan said.

“India and Saudi Arabia are nations on the move. We both have economies with enormous potential. This potential is being unlocked by two new visions that represent the hopes and aspirations of the people in India and of Saudi Arabia – the Saudi Vision 2030 and Prime Minister Narendra Modi’s vision of ‘New India 2022’, he said at the India Chem 2018 — 10th Biennial International Exhibition & Conference in Mumbai.

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Printable version | Feb 27, 2020 4:37:40 PM | https://www.thehindu.com/business/Industry/after-aramco-sabic-wants-to-expand-presence-in-india/article25137967.ece

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