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    2010   SA0007879121

SAUDI BASIC INDUSTRIES CORPORATION

(2010)
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Saudi Arabia's SABIC to invest at Teesside plant in northeast England

10/27/2021 | 05:18pm EST

(Reuters) - The British government said that Saudi petrochemical firm Saudi Basic Industries Corp (SABIC) would invest nearly 1 billion pounds ($1.37 billion) at its Teesside facility in northeast England with the aim of decarbonisation.

"Fantastic to see nearly £1 billion invested in @SABIC's Teesside facility, creating and safeguarding 1,000 jobs," British Prime Minister Boris Johnson said in a tweet https://twitter.com/BorisJohnson/status/1453452234910535681 on Wednesday evening.

"It's a huge vote of confidence in the UK's chemicals and processing industry, which is pioneering innovation in clean, green technology," he added.

SABIC confirmed the investment in a statement to Reuters and said its total investment in the UK is around 1 billion pounds.

The company said the investment would include strengthening operations at Teesside and enabling its chemical cracker transformation.

"This will reduce its carbon footprint by up to 60 per cent in phase one, making it one of the world's lowest carbon-emitting crackers," it added.

The announcement comes as Britain is set to host the COP26 U.N. climate talks in Glasgow, Scotland.

Earlier this month, the UK government set out a net-zero strategy under which it aims to help the country gain a competitive edge in low-carbon technologies such as carbon capture and storage.

Earlier on Wednesday, Saudi Arabia's investment minister, Khalid al-Falih, said Saudi Arabia and Britain had signed a memorandum of understanding to promote bilateral investment flows.

($1 = 0.7280 pounds)

(Reporting by Aakriti Bhalla in Bengaluru and Marwa Rashad; Editing by Peter Cooney)


ę Reuters 2021
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Analyst Recommendations on SAUDI BASIC INDUSTRIES CORPORATION
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Financials
Sales 2021 167 B 44 552 M 44 552 M
Net income 2021 24 086 M 6 419 M 6 419 M
Net cash 2021 3 883 M 1 035 M 1 035 M
P/E ratio 2021 15,4x
Yield 2021 3,11%
Capitalization 369 B 98 334 M 98 337 M
EV / Sales 2021 2,18x
EV / Sales 2022 2,16x
Nbr of Employees 35 000
Free-Float -
Chart SAUDI BASIC INDUSTRIES CORPORATION
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Saudi Basic Industries Corporation Technical Analysis Chart | 2010 | SA0007879121 | MarketScreener
Technical analysis trends SAUDI BASIC INDUSTRIES CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 123,40 SAR
Average target price 121,03 SAR
Spread / Average Target -1,92%
EPS Revisions
Managers and Directors
Yousef bin Abdullah Al-Benyan Vice Chairman & Chief Executive Officer
Timothy D. Leveille Executive Vice President-Corporate Finance
Khalid Hashim Al-Dabbagh Chairman
Bob Maughon Executive Vice President-Technology & Innovation
Khaled Hamza Nahas Independent Director
Sector and Competitors