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AL-JUBAIL, Saudi Arabia, July 8, 2013 /PRNewswire/ -- Saudi Organometallic
Chemicals Company (SOCC), a joint venture equally owned by Albemarle
Netherlands B.V., a subsidiary of Albemarle Corporation (NYSE: ALB) and Saudi
Specialty Chemical Company, an affiliate of Saudi Basic Industries Corporation
(SABIC) announced today the initial start-up of its aluminum alkyls facility
located in Al-Jubail, Saudi Arabia. At capacity, it will manufacture 6,000
metric tons per year of tri-ethyl aluminum (TEA), a Ziegler Natta co-catalyst
used in the plastics industry. An ultra-low hydride grade of TEA (TEA-ULH)
will also be produced at the SOCC plant. This new facility is designed to meet
the growing needs for TEA and ULH-TEA in the region, using raw materials
supplied from member countries of the Gulf Cooperation Council.
"This state-of-the-art facility clearly demonstrates SOCC's commitment to
providing a dependable supply of these essential products to the Middle East,"
stated Al Saurage, executive general manager of SOCC. "This is a great
achievement for our team and truly demonstrates the power of collaboration."
"Together with SABIC, we are bringing the production of our value-added
products closer to the end-user," said Luke Kissam, CEO of Albemarle
Corporation. "Successful expansion into high-growth regions such as Al-Jubail
enables closer collaboration with our customers and supports our strategy for
smart, sustainable growth."
Mohamed Al-Mady, SABIC vice chairman and CEO, commented, "The SOCC start-up is
yet another milestone in SABIC's growth strategy in a highly competitive
plastics market. We once again demonstrate our commitment to stimulate national
economic growth, and build long-term relationships with our global customers."
The first batch of TEA, which was successfully completed in mid April, met or
exceeded all commercial specifications. Full commercial production is scheduled
to begin in the third quarter of 2013 once customer qualifications are
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading
global developer, manufacturer, and marketer of highly-engineered specialty
chemicals for consumer electronics, petroleum refining, utilities, packaging,
construction, automotive/transportation, pharmaceuticals, crop protection,
food-safety and custom chemistry services. The Company is committed to global
sustainability and is advancing its eco-practices and solutions in its three
business segments, Polymer Solutions, Catalysts and Fine Chemistry. Corporate
Responsibility Magazine selected Albemarle to its prestigious "100 Best
Corporate Citizens" list for 2010, 2011 and 2013. Albemarle employs
approximately 4,200 people and serves customers in approximately 100 countries.
Albemarle regularly posts information to www.albemarle.com, including
notification of events, news, financial performance, investor presentations and
webcasts, Regulation G reconciliations, SEC filings, and other information
regarding the Company, its businesses and the markets we serve.
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 24.72 billion (US$ 6.59 billion) in 2012.
Sales revenues for 2012 totaled SR 189 billion (US$ 50.40 billion). Total
assets stood at SR 338 billion (US$ 90.13 billion) at the end of 2012.
SABIC's businesses are grouped into Chemicals, Polymers, Performance Chemicals,
Fertilizers, Metals and Innovative Plastics. SABIC has significant research
resources with 18 dedicated Technology & Innovation facilities in Saudi Arabia,
the USA, the Netherlands, Spain, Japan, India, China and South Korea. The
company operates in more than 40 countries across the world with around 40,000
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and
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.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding Albemarle Corporation's
business that are not historical facts are "forward-looking statements" that
involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those contained
in the forward-looking statements, see "Risk Factors" in the Company's Annual
Report on Form 10-K.
SOURCE Albemarle Corporation
CONTACT: Albemarle Media Contact: Ashley Mendoza, (225) 388-7137,
Ashley.Mendoza@albemarle.com; Albemarle Investor Relations Contact: Lorin
Crenshaw, (225) 388-7322, Lorin.Crenshaw@albemarle.com
Web Site: http://www.albemarle.com
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