The world economic and financial crisis has doubtlessly had its effects on the economic activities worldwide since the last quarter of 2008, yet most of the indicators show that the world economy has passed it. There are indicators that the world economy has resumed its growth. TASNEE has overcome most of the crisis effects. Despite the 13.5% decrease in profits in 2009 compared to 2008 (519.5 compared to SAR 600.9 million), TASNEE could achieve after its largest project had reached the commercial operation stage, i.e. the project of Saudi Ethylene and Polyethylene Company owned by TASNEE with domestic and world partners, good profits in the second half of 2009 totaled 453 million Saudi riyals and represented a growth of 95.5% compared to the profits achieved in the second half of 2008 totaling 232 million Saudi riyals.
At the level of the existing projects, our largest project (Saudi Ethylene and Polyethylene Co.) that started the commercial operation in June 2009 is considered as a qualitative leap in the companyÕs businesses. Besides, TASNEE launched its works for the establishment of TASNEE Plastic & Research Center designed according to world standards for developing our products and supporting processing industries. Furthermore, the National Titanium Dioxide Co, (CRISTAL) has completed the expansion works at its factory in Yanbu, and all our projects have achieved substantial progress whether in production or marketing capacity.
On the other hand, further achievements were accomplished during the year. Through partnership between TASNEE & SAHARA Olefins Company and SAHARA Petrochemicals Company, Saudi Acrylic Acid Company was established. With the American ÒDow Chemical Co.Ó, Saudi Acrylic Monemers Company was established. TASNEE is negotiating with companies specialized in strategic growth areas for reaching agreements which will be declared in due course.
The year 2009 is distinguished by TASNEE obtaining the ÒSaudi Joint Companies Transparency AwardÓ in addition to first-place award as the best Saudi environment in petrochemicals sector and fourth-place award as the best business environment among top ten companies in Saudi Arabia.
Dr. Moayyed Bin Issa Al Qurtas