SABIC CEO urges cost efficiency in Europe

SABIC CEO calls for change at European Petrochemicals Assc. meeting

Mohamed Al-Mady, Saudi Basic Industries Corporation (SABIC) Vice Chairman and CEO.
Mohamed Al-Mady, Saudi Basic Industries Corporation (SABIC) Vice Chairman and CEO.

In a keynote address titled, “Global Leadership and the Chemical Industry,” to the European Petrochemical Association (EPCA) annual meeting in Berlin on October 7, Mohamed Al-Mady, Saudi Basic Industries Corporation (SABIC) Vice Chairman and CEO, said, “Europe faces a new reality. The European chemical industry and various governments need to focus on more resource and cost efficient manufacturing, targeting incentives for innovation at the development stage and instituting a robust regulatory framework based on good science with clear goals. Governments must proactively support this transition – it cannot be done by industry alone.” 

Regarding SABIC’s operations in Europe, he said the company will continue to play an active role in the region, striving to maintain its in-market manufacturing presence, providing technology from a growing innovative portfolio, and utilizing the optimal value chain to develop solutions to both Europe’s shifting demographic profile and exportable goods and technologies.

He said that SABIC’s manufacturing capabilities in the continent will target and invest in more resource and cost efficiency, which will in turn improve the company’s environmental footprint.

On innovation, Al-Mady said SABIC will develop technology from its multiple research facilities around the world. “Technology and innovation are central to our future success in Europe as well as the rest of the globe,” he said.

For SABIC and other global companies to effectively contribute toward Europe’s economic growth, Al-Mady urged proactive and coordinated support from the various governments in the region. For one, he called for “a robust regulatory scheme for more resource and cost efficient manufacturing.”

He said historically the European industry’s strength has been its ability to confront difficult challenges and create viable alternatives to achieve greater success. “In my opinion, this industry has the will and the necessary tools to meet the challenge,” he said.

EPCA is a Brussels based international non-profit association that serves a global network for the chemical business community consisting of producers of petrochemicals, their suppliers, customers and service providers.

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