Tashkent, Uzbekistan (UzDaily.com) -- On 19 April, in Riyadh, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov visited the headquarters of the Saudi petrochemical corporation SABIC, where he met with its chief executive director Yousef Abdullah al-Benyan.

During the meeting, the corporation’s management made a presentation on the company’s activities, its achievements in the processing of hydrocarbon raw materials, the production of polymer products, chemicals, fertilizers and structural materials, as well as the introduction of its own innovative developments in various industries, and also spoke about the vision of the company’s further development on a medium - and a long-term perspective.

SABIC Industrial Corporation (Saudi Arabia Basic Industries Corporation) was founded in Saudi Arabia in 1976. SABIC is a diversified group that produces both intermediates and polymers, fertilizers, active chemicals and metals. The SABIC Group is the third largest producer of polyethylene, the fourth largest producer of polyolefins, and the fourth largest producer of polypropylene. The corporation is also the world’s largest producer of methyl tert-butyl ether, polycarbonate, polyphenylene and polyester imide.

During the meeting, it was noted that the company’s strategy is based on the production of products with high added value, which is in line with the state industrial policy of Uzbekistan, aimed at deep processing of raw materials and natural resources in order to create high-tech and demanded products.

The parties discussed the possibilities of establishing practical cooperation, referring to the implementation of investment projects in Uzbekistan using MTO (methanol to olefins) and MTP (methanol to propylene) technologies, as well as projects to create new production facilities that produce chemical fertilizers.

As a result of the meeting, further steps were outlined to implement promising areas of partnership and mutually beneficial projects.