Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) said Wednesday that total annual costs would rise by 5% before minority interest following the Cabinet’s decision to revise energy prices.
The financial impact of the decision will be reflected starting the first quarter of 2016, the giant petrochemical firm said.
SABIC also said its financial results are affected by feedstock prices as well as other factors like balance between demand and supply, energy prices and global economic growth.
Saudi Arabian Cabinet endorsed on Monday changes to domestic energy prices, which included a rise in fuel prices.
Accordingly, the kingdom raised the price of gas to $1.25 per million British thermal units (mmbtu), ethane to $1.75 per mmbtu, kerosene to $25.70 per barrel.
Diesel prices were also raised to $14.00 per barrel, light Arab crude to $6.35 per barrel, heavy crude 180 to $3.80 per barrel.
