LONDON: SABIC has struck a deal to develop plastics for use as tank armor as the Saudi petrochemicals giant seeks to add more higher-value products to its range.
The Riyadh-based company struck license agreements with Military Industries Corporation for armor-level material technology and with Saudi Arabian Amiantit for trackpad rubber formulation.
“The two agreements will not only support domestic producers in manufacturing world-class armor and trackpad material but also help in creating jobs and building a competitive local workforce,” SABIC said in a statement on Thursday.
“The agreements, which follow SABIC’s commitment to contribute in localizing technologies and industries in line with the Kingdom’s Vision 2030, strengthen the collaboration between the private and public sectors in the field of military defense.”
SABIC is rapidly expanding its operations and targeting higher- value plastics as it taps into rising global demand.
Saudi Aramco this year agreed to acquire SABIC in a $69.1 billion deal that will see the Saudi national oil company further boost its downstream business.
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