Riyadh – Mubasher: The Chinese market played a vital role in Saudi Basic Industries Corp’s (SABIC) high results in the first quarter of this year, SABIC’s CEO, Yousef Al Benyan, said.
SABIC’s business in the Chinese market grew 6.5%, while its sales went up 3% compared to Q1-16, the CEO added.
Al Benyan noted that the restructure, which had started in 2015 and was completed last year, contributed to strengthening the company’s position in the market through reducing operational and administrative costs.
The CEO also pointed out that demand rose in the US market, which positively reflected on the performance of the petrochemicals industry in general. As for the African and Middle East markets, they are notably affected by the fluctuations of global oil prices.
SABIC is seeking opportunities in these markets for the sake of expansion as part of its strategy for 2025, which includes SABIC being one of the biggest three global petrochemical firms, Al Benyan highlighted.
