In a bid to cope with deteriorating global demand amid slowing economy, Saudi Basic Industries Corp (SABIC) has reduced output at its European plants. The quantum and period of the production cuts have not been disclosed. The company, however, continues to run plants in Saudi Arabia at full capacity as use of indigenous feedstocks continues to maintain healthy economics there.
The decline in quarterly profits posted in this Q3 has been SABIC's first in over 2 years. Deteriorating demand amid a slowing economy is expected to affect Q4 results.
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