Dubai's Sabic mulling a plant in India

Dubai, Dec 18 (UNI) Saudi government-owned Sabic, world's largest chemical firm by market value, has plans to set up a plant in India to enhance its capacity by 50 per cent by 2015.

The company is expected to sign an agreement with an Indian company to build ethylene and other chemicals-products plant by the end of next year.

Sabic CEO Mohammed Al Mady said the company considers India as a very huge market. The proposed plant will supply the local market where there is enormous demand, he said.

Sabic, which expects to produce about 51 million tonnes of chemicals and steel this year, plans to boost its total capacity to 100 million tonnes by 2015, building plants in China, India and Saudi Arabia, and acquiring companies in Europe and the US, he said.

The company, set up in 1976 to help diversify the Saudi economy away from crude oil, has already committed to over 25 billion dollars development plans.

Sabic plans to acquire companies that make 'specialty' chemicals such as rubber and plastics for vehicles, so that they account for 25 per cent of revenue within 15 years, compared with 'very little' now, Mr Mady said.

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