Earnings of key petrochem makers in the Middle East expected to decline

10-Dec-08
Earnings of key petrochemical makers in the Middle East are expected to fall drastically during Q4 of the current year as per Info Prod Research, basically triggered by a demand dearth caused by a global economic meltdown. As per IRP, during Q3-2008 most of the Arab public companies that had registered increase of about 18% yoy, had failed to do the same during Q4-2008. This is forecast to result in increasing inventory levels at plants, and delays in plant start ups of new petrochemical projectsS. The main petrochemical companies in the region are are Saudi Basic Industries Corp. (SABIC), Industries Qatar, Yanbu National Petrochemicals Company (YANSAB), Saudi KAYAN Petrochemical Company (KAYAN), National Industrialization Company (TASNEE), SAHARA Petrochemical Company, Rabigh Refining and Petrochemical Company (Petrorabigh). The market cap of SABIC, the largest petrochemical company in the Middle East, is US$43 billion, while that of Europe's largest petrochem company (BASF of Germany) is around US$27 bln, of the largest American company, DOW, is about US$18 bln, and that of the largest Asian company (Formosa Plastic) is US$8.5 bln.
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