SABIC says domestic economy helping it cope

Domestic demand is helping Saudi Basic Industries Corp (SABIC) cope better than other petrochemical companies with a global recession. However, an oil price at US$70-75 was necessary to help the kingdom sustain investments in petrochemicals- to fund a US$400 billion public spending spree for the next 5 years. SABIC is currently executing projects in the kingdom to the tune of 12 billion Saudi riyals (US$3.20 bln) that aim to add 623,000 tpa to its overall capacity. SABIC recorded a worse-than-expected loss in Q1, taken a hit from a downturn in prices for petrochemicals and metals. Saudi Arabia, which relies on oil export revenues for more than 80% of total state revenues, is expecting its first budget deficit in years in 2009 as it keeps spending high.
  More News  Post Your Comment

Previous News

Next News

{{comment.Name}} made a post.




There are no comments to display. Be the first one to comment!


Name Required.


Email Id Required.

Email Id Not Valid.


Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.

Message Required.

Click to Change image  Refresh Captcha