Saudi Basic Industries Corporation (Sabic), a leading petrochemicals conglomerate, in a major revamp has appointed Dr Abdulaziz bin Saleh bin Mansour Al Jarboo as its new chairman replacing Prince Saud bin Abdullah Bin Thenayan Al-Saud, a statement showed.

Ranked among the world’s largest petrochemicals manufacturers, Sabic is 70 per cent owned by the Saudi Arabian government, while the remaining 30 per cent is publicly traded on the Saudi stock exchange.

Two non-Saudis - Calum Mclean and Roberto Gualdoni (both non-executive members) have been inducted into the board, according to the statement made by the company to Tadawul.