Commenting on the partnership and how it will enhance SABIC’s capabilities of ingenuity and innovation worldwide, Ernesto Occhiello, SABIC’s Executive Vice President – Technology & Innovation, said “SABIC understands that innovation is critical to achieving the goals of our sustainability strategy and to helping societies around the world achieve theirs. SABIC’s global partnerships in technology and innovation are central to the company’s growth plans and this latest agreement with IITB-Monash represents an important step forward in our global commitment to advancing technologies and responding to the needs of society across a range of technology sectors”.
This partnership is as an expansion of SABIC’s existing relationship with IITB-Monash, and will deliver a much closer relationship that will enable the world class research teams of both organizations to work together in their respective joint research areas.
SABIC’s partner, IITB-Monash, is based at the Powaii campus off IIT Bombay and operates as an independent, autonomous research institution. It attracts the best talent – students as well as academic and research staff – to work on goal directed, cross-disciplinary grand challenges. Commenting on the cultural similarities between the two organizations, Frank Kuijpers, SABIC General Manager for T & I highlights “At SABIC, we empower our people and reward them for innovative and pioneering work undertaken collaboratively with our customers and research partners. IITB-Monash has a similar “can do” culture to SABIC and we look forward to embarking on this new journey with them”.
About SABIC
Saudi Basic Industries Corporation (SABIC) ranks among the world’s top petrochemical companies. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABIC recorded a net profit of SR 24.72 billion (US$ 6.59 billion) in 2012. Sales revenues for 2012 totaled SR 189 billion (US$ 50.40 billion). Total assets stood at SR 338 billion (US$ 90.13 billion) at the end of 2012.
SABIC’s businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 18 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India, China and South Korea. The company operates in more than 40 countries across the world with around 40,000 employees worldwide.
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
About IITB-Monash
The Indian Institute of Technology, Bombay (IITB) and Monash University, Australia have joined forces to create a unique Joint Venture (JV) research academy (“The Academy”) that aims at enhancing research collaborations between Australia and India.
A high-power committee of Govt. of India recommended in 1946 establishment of four higher institutes of technology of the level of their counterparts in Europe and United States to set the direction for the development of technical education in the country. These institutes were designed to provide the necessary dynamism and flexibility of organization in the light of expanding knowledge and changing socio-economic requirements of modern society. Planning for the Institute at Bombay began in 1957 and the first batch of 100 students was admitted in 1958. The Institute campus at Powai extends over 200 hectares and is situated in picturesque surroundings with Vihar and Powai lakes on either sides and green hills strewn around. In 1961, by an act of Parliament, the Institute was declared an institution of national importance and was accorded the status of a university with power to award its own degrees and diplomas.
Monash University was established as an Australian university by a Victorian Act of Parliament in 1958, making it the first university to be established in the State of Victoria for 106 years. Monash University is a not-for-profit organisation, whose financial accounts are audited annually by the Auditor General of the State of Victoria. Monash University is a charitable institution as endorsed by the Australian Tax Office.
The Academy will be located in a purpose built, modern facility located at the Powaii campus of IIT Bombay.
The Academy will operate as an independent, autonomous research institution. The Academy will have an independent Board, a CEO, research staff and seconded staff from IIT Bombay/Monash University in it.
The Academy aims to attract the best talent - students as well as academic and research staff - to work on goal-directed, cross-disciplinary grand-challenges.
The Academy has a long-term steady-state aspiration of housing 250-300 PhD scholars at any given point in time, pursuing various fields of scientific endeavour. The aim is for the research scholars to be supervised by the best minds from IIT Bombay, Monash University and Industry Partners of The Academy along with participation from Industry. The intention is for The Academy PhD and Post Doc scholars to be paid a healthy scholarship. This will form an attractive value proposition to talented students. Since The Academy is under-pinned by a PhD Agreement between IIT Bombay and Monash, students will receive a dual-badged PhD degree from IIT Bombay and Monash University, thereby providing another distinct value proposition that would help attract the best students into The Academy.
