Sabic aims to more than double revenues to 225 billion riyals ($60 billion) by 2020, the chief executive told shareholders.

Sabic has said it plans to nearly double its production to 100 million tonnes by 2015 by building plants in China, India and Saudi Arabia, and making acquisitions in the United States and Europe.
The company’s development plan will make it one of world’s top three chemical producers by 2020, Vice Chairman and CEO Mohamed Al-Mady told a meeting of shareholders, according two investors who were present.
The company aimed to have revenues of 225 billion riyals by then, a 160 per cent increase on the 2006 figure, the shareholders said.
A senior Sabic executive confirmed the 2020 revenue target.
Sabic made a net profit of 20.3 billion riyals on turnover of 86.3 billion riyals in 2006. Fourth quarter profit was the best on record, rising 36 per cent from the year-earlier period.
Sabic needed to sustain that growth, Chairman Prince Saudi bin Abdullah bin Thunayan told shareholders.
“The prince hinted Sabic would not sit idly and watch the mergers and acquisitions in the industry...and that it will do what is required to defend its market share,” one shareholder said.