Saudi Basic Industries Corp. has donated $500,000 to sponsor students in science, technology, engineering and math (STEM) programs at historically black colleges and universities (HBCUs) in the U.S.
Sabic, based in Riyadh, with U.S. headquarters in Houston, is making the donation through the Future of STEM Scholars Initiative (FOSSI), the chemical industry's collaborative diversity, equity and inclusion program. Sabic plans to sponsor 10 young scholars over the next two years, joining a growing list of organizations that together have raised more than $10 million for scholarships.
FOSSI is a national, industrywide program that provides scholarships to undergraduate students seeking STEM degrees at HBCUs. It also provides opportunities for manufacturers, supply chain partners and other stakeholders to fund scholarships, provide internship opportunities and facilitate mentoring and leadership training for these students.
In a news release, Sabic Americas Vice President Greg Adams said that developing the next generation of STEM professionals "is very important for the chemicals industry."
"We believe in fostering a passion for STEM among all students and helping provide access to higher education for those who seek to turn those passions into a lifelong journey," he added. "These life-changing scholarships will help bring a much-needed pipeline of diverse and talented students from across the U.S. into the workforce."
The first FOSSI scholarships are being awarded to a total of 150 students enrolling in college this fall. Each will receive a $40,000, four-year scholarship.
American Chemistry Council President and CEO Chris Jahn said in the release that FOSSI "brings together the industry's collective might to make a significant impact on the future of the chemicals industry."
"We are thrilled to welcome Sabic into this important initiative and look forward to working with their team to create opportunities and pathways for success for these deserving scholars," he added.
Sabic is a global petrochemicals firm that ranks as a major producer of polyethylene, polypropylene and specialty resins and compounds. The firm employs 33,000 and posted sales of $31.2 billion in 2020.