SABIC gets a brand boost

A general view shows the SABIC headquarters in Riyadh, Saudi Arabia. (Reuters)
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Updated 23 January 2020

SABIC gets a brand boost

  • SABIC has now entered the list of top 500 global brands

LONDON: Saudi petrochemical giant SABIC has received a boost to its brand value after a new survey saw it jump 9.3 percent to $4.33 billion in 2020, according to the independent brand valuation consultancy, Brand Finance.

“This reflects the growing positive perception of SABIC,” Brand Finance said in a statement.

SABIC has now entered the list of top 500 global brands.

“The strength of our global brand demonstrates our collaborative approach to business and our commitment to maintaining long-term relationships based on trust,” said SABIC CEO Yousef Al-Benyan.

Last year the petrochemicals company launched its first-ever global brand advertising campaign to raise the company’s awareness, understanding, and engagement with global influencers.

Brand Finance utilizes a bespoke methodology to determine a company’s brand value. Factors considered include stakeholder familiarity, satisfaction, and forecasted business performance.


Saudi minister: OPEC+ will take responsible approach to virus

Updated 26 February 2020

Saudi minister: OPEC+ will take responsible approach to virus

  • Saudi Arabia supports the further oil production cut, but Russia is yet to announce its final position on the matter

RIYADH: Saudi Arabia’s energy minister said on Tuesday he was confident that OPEC and its partner oil-producing nations, the so-called OPEC+ group, would respond responsibly to the spread of the coronavirus.

He also said Saudi Arabia and Russia would continue to engage regarding oil policy.

“Everything serious requires being attended to,” the minister, Prince Abdul Aziz bin Salman, told reporters at an industry conference in Riyadh.

An OPEC+ committee this month recommended the group deepen its output cuts by an additional 600,000 barrels per day.

Saudi Arabia supports the further oil production cut, but Russia is yet to announce its final position on the matter.

The minister said he was still talking with Moscow and that he was confident of Riyadh’s partnership with the rest of the OPEC+ group.

“We did not run out of ideas, we have not closed our phones. There is always a good way of communicating through conference calls,” he said.

Regarding the coronavirus, which has impacted OPEC member Iran, he said OPEC+ members should not be complacent about the virus but added he was confident every OPEC+ member was a responsible and responsive producer.

The flu-like SARS-CoV-2 virus, which first broke out in China, has now spread to more than 20 countries.

“Of course there is an impact and we are assessing, but we’ll do whatever we can in our next meeting and we’ll address that issue,” UAE Energy Minister Suhail Al-Mazrouei said at the same industry conference.

Saudi Aramco CEO Amin Nasser on Monday said he expected a short-lived impact on oil demand.

“We think this is short term and I am confident that in the second half of the year there is going to be an improvement on the demand side, especially from China,” he said.

Oil climbed on Tuesday as investors sought bargains after crude benchmarks slumped almost 4 percent in the previous session, although concerns about the global spread of the virus capped gains.