Governor of Madinah region Prince Miqren bin Abdul-Aziz launched a breakthrough Saudi Basic Industries Corporation (SABIC) developed acetic acid technology plant at a ceremony held at "IBN RUSHD Complex" in this industrial city on Tuesday, Arab News reported today. The announcement that the technology involved was 100 percent Saudi and the first of its kind worldwide was greeted by guests and invitees with loud applause. Royal Commission for Jubail & Yanbu and SABIC Chairman Prince Saud bin Thunayan Al-Saud, SABIC Vice Chairman & Chief Executive Officer Mohamed Al-Mady, as well as high ranking SABIC officials and presidents of SABIC affiliates were among those present. Prince Saud bin Thunayan expressed his utmost appreciation and gratitude for Prince Miqren for supporting the event and referred to his continuous support for SABIC and its industries. "The new project is of strategic importance as it will strengthen the integrity of the operations within the IBN RUSHD complex and elsewhere in the Kingdom as acetic acid used to be imported," he said. "The project also features the application of a pure Saudi developed technology, which is the first of its type worldwide. It is based on the oxidization of ethane and differs from the conventional methanol-based technology," he added. Al-Mady said the coming on stream of the acetic acid plant was a great economic feature and would provide increased profitability. "The success of the new technology encourages SABIC to expand commercial production to meet the downstream needs in the domestic market and strengthen the Kingdom's image in the global export of technologies market. --MORE 1318 Local Time 1018 GMT
