(Updates with Sabic statement from second paragraph.)
Nov. 1 (Bloomberg) -- Saudi Basic Industries Corp., the world’s largest petrochemicals maker, started a unit in the Netherlands to invest in companies with innovative technologies.
Sabic Ventures will get financing from an innovation fund, the Riyadh-based company, known as Sabic, said in an e-mailed statement today. The unit will target start-up companies working in advanced materials and composites, alternative feed stocks for chemicals and materials and alternative energy, the company added.
Sabic is expanding to meet rising demand for petrochemical products from Asia. Saudi Arabia exported 20.3 million tons of petrochemicals during the eight months ending in August, up from 19.4 million tons a year earlier, the Saudi Ports Authority said on Oct. 18
“The targeted countries for sourcing venturing investments are the U.S., Europe and Asia,” Sabic said. “The organization will have a global reach,” Chief Executive Officer Mohamed Al- Mady said.
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