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SABIC releases inaugural Sustainability Report  Join our daily free Newsletter

MENAFN Press - 27/11/2012

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(MENAFN Press) Saudi Basic Industries Corporation (SABIC) today released its first Sustainability Report, entitled "SustainabilityPerformance." The report, covering sustainability performance in 2011, will be published annually and will serve as a valuable tool for customers, investors and stakeholders to evaluate SABIC's commitment and performance toward sustainable business practices.

The report signals a new phase in SABIC's journey towards sustainability, laying the groundwork for accelerated efforts in the years to come. SABIC formulated its sustainability governance structure in 2009 and led by its Executive Team, has established consistent global practices that are intended to drive a consistent and balanced framework for environmental, social and economic action.

Clear throughout the report is SABIC's view that sustainability, driven by ingenuity, is part of its long-term competitive strategy. Mohamed Al-Mady, SABIC Vice Chairman and CEO said, "SABIC's future growth and development depends on creating solutions for the major issues facing society today and tomorrow-successful solutions that create value for society and in turn, growth for our business."

"Sustainability for SABIC means we have strategies, goals and actions in place to address stakeholder expectations of our responsibility as a corporation. These plans, driven by transparency and accountability, will ultimately deliver economic, social and environmental benefits that will secure the longer term sustainability of our business, our employees, our community and the planet at large", he continued.

Key highlights of SABIC's 2011 achievements in the report include:
Launched a new Code of Ethics across the entire global business.
Established environmental performance targets for reductions in greenhouse gas, energy, water, and material loss intensity in all our operations.
Assumed a leadership role in the Middle East on the implementation of Responsible Care.
Developed one robust set of health, safety, and security policies across the company.
Became a member of WBCSD (World Business Council for Sustainable Development), committed to the UN Global Compact in June 2012
Included sustainability key performance indicators (KPIs) in the enterprise management system
Named "Employer of Choice" in the Netherlands for the sixth year in a row.
Named "Top Employer" by the CRF Institute in China for two consecutive years.

The report was developed using Global Reporting Initiative's (GRI) reporting standards and KPMG was engaged for assessment of methodology around the key performance indicators relating to energy use, greenhouse gas emissions, water use and material loss. SABIC continually reviews its sustainability strategy and structure to ensure that it optimally supports long-term goals and enables the development of a culture of sustainability throughout the organization.

The SABIC Sustainability report can be accessed at www.sabic.com/sustainability.


About SABIC
Saudi Basic Industries Corporation (SABIC) ranks among the world's top petrochemical companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.SABIC recorded a net profit of SR 29.24 billion (US 7.80 billion) in 2011. Sales revenues for 2011 totaled SR 189.90 billion (US 50.64 billion). Total assets stood at SR 332.78 billion (US 88.74 billion) at the end of 2011.SABIC's businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 16 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India and South Korea. The company operates in more than 40 countries across the world with around 40,000 employees worldwide.SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.

 






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