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Saudi Basic Industries Corporation (SABIC) has issued a statement in recent days promising to develop more local talent while expanding business in Asia. Vice President of SABIC, Regional Director of Greater China Region and Regional Director of Asia-Pacific Region Mr. Li Lei delivered the statement at the NUS Cerebration 2011 Global Business Challenge held in Singapore on October 15, 2011.
NUS Cerebration 2011 is a global business challenge organized by the National University of Singapore. SABIC is the chief sponsor of this event and one of the 10 industry judges.
The six finalists were from top business schools in China, India, the United Kingdom and Canada. In the end, the “Kelly Hans†team from London Business School emerged from the 575 participating teams by changing the business environment of the petrochemical industry. It won the competition and won US$10,000 in prize money.
Committed to promoting Asian development As the world's leading petrochemical producer, SABIC's products are widely used in the production of various petrochemical products, including basic intermediates, as well as medical products and equipment, plastic products for electronic equipment, daily necessities, Lighters, energy-saving cars, metals, and even fertilizers satisfy people's needs in all aspects and benefit society.
SABIC is committed to helping customers create products that enhance the quality of life of consumers around the world. In order to achieve this goal, the company has been exploring innovative talents to cater to the company's development in Asia, especially China and India. Asia is the fastest growing company in the company.
In Asia, SABIC has 41 offices, 9 production sites, 5 technology and application centers, and employs more than 2,200 people. SABIC's Asian customers include top brands in various industrial sectors in the region.
SABIC announced a number of investment plans in 2011 to accelerate its development in Asia. These plans include the cooperation with China Petrochemical Corporation to build a polycarbonate plant with an annual output of 260,000 metric tons, the establishment of a new technology center and headquarters in Greater China in Shanghai, the establishment of a new technology center in Bangalore, India, and a series of Infrastructure expansion.
Local cooperation, local talent SABIC's success lies in the persistence of developing local partnerships, and is willing to cultivate young talents who are interested in making a difference in the domestic market. 90% of the total number of employees in Asia are from Asia.
SABIC's commitment to talent development is reflected in a series of ongoing projects. It plans to provide employees with training to teach them the skills they need to learn and grow in the evolving petrochemical industry. This plan also includes a sound talent performance appraisal process, and arranges employees to the right positions so that they can fully exploit their potential.
Li Lei said: “We need talented people to help us succeed. They need to be highly motivated and passionate about their work. At the same time, we will also provide them with a wide space for personal and professional growth. This will be our Meet the challenges of today and tomorrow."
According to the independent research conducted by the CRF Institute in China, SABIC was named one of the best employers in China in 2011 and commended its efforts in talent cultivation, talent maintenance and talent development.
About Saudi Basic Industries Corporation (SABIC)
SABIC is one of the world's leading petrochemical companies and a leader in the production of polyethylene, polypropylene, advanced thermoplastic plastics, ethylene glycol, methanol and fertilizers.
In 2010, SABIC’s net profit was 21.5 billion riyals ($5.73 billion). Its sales revenue in 2010 was 152 billion riyals ($40.5 billion). At the end of 2010, it had total assets of 316.7 billion riyals ( 8.45 billion U.S. dollars).
SABIC's business units include: Basic Chemicals, High Performance Chemicals, Polymers, Innovative Plastics, Fertilizers and Metal Products. SABIC is rich in scientific research resources and has 18 specialized technology and innovation centers located in Saudi Arabia, the United States, the Netherlands, Spain, Japan, India and China. Saudi Basic Industries operates in more than 40 countries and employs 33,000 people.
SABIC's manufacturing bases span the globe, including Saudi Arabia, the Americas, Europe, and Asia Pacific. The company’s overall production capacity has grown from 35 million metric tons in 2001 to 66.8 million metric tons in 2010.
SABIC was founded in 1976 and is headquartered in Riyadh. At that time, the Saudi Arabian government decided to use the hydrocarbon gases produced during the oil smelting process as raw materials to produce chemicals, polymers and fertilizers. The Saudi Arabian government owns 70% of the company's shares, and the remaining 30% is owned by private investors in Saudi Arabia and other GCC countries.
SABIC is committed to nurturing local talent to support its development in Asia
By sponsoring the National University of Singapore (NUS) Global Business Challenge, SABIC has expanded its talent pool to more than 500 universities around the world.