Sabic has hired Suleiman Mirza as a senior advisor, according to his LinkedIn profile , suggesting the Saudi chemical producer is considering further deals.
Saudi Basic Industries Corp., also known as the company, is a vital part of the country's strategy to channel more oil into the chemicals sector as it prepares for a future beyond crude oil sales.
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Sabic was involved in one of the largest deals in the Middle East last year, with its exit from the Hadeed metals unit, so that it could focus on its core businesses.
Mirza previously held positions in the state-owned oil producer, including his role as owner of Sabic – Saudi Aramco. He was involved in the $30 billion initial public offering and the first international bond sale, according to his LinkedIn profile. Previously, he worked for eight years at Shell Plc and most recently served as CEO of Riyad Bank.
Other countries in the region are also trying to conclude more agreements in the chemicals sector.
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Last month, Abu Dhabi National Oil Co. agreed to buy a stake in OCI NV's fertilizer unit for $3.6 billion and also made a bid for Germany's Covestro AG, valuing the company at about 11.3 billion euros.
Source: bloomberg.com
