By: Majed Al-Shabib
Riyadh – Mubasher: Saudi Basic Industries Corp (SABIC) plans to pursue its expansion through new products, said Yousef Al Benyan, vice chairman and CEO, adding that these expansions are likely to take place after 2017.
We have several opportunities in China, the US and Saudi Arabia and we hope to reach some agreements to begin implementation this year, SABIC’s CEO told Mubasher on Tuesday.
He further added that it will likely take the company two or three years to begin production.
Al Benyan asserted that his company’s expansion plans will contribute to lowering costs in the coming period.
In response to a question by Mubasher on the maturity of several bonds totalling SAR 5 billion in the coming year-and-a-half, Mosaed Al Ohali, executive vice president of corporate finance, replied that company had two options for these bonds.
SABIC will either renew the bonds or repay them, Al Ohali told Mubasher, highlighting that the company has the financial resources to repay its debts.
The company aimed and succeeded in reducing its costs at its steel firm, Al Benyan said during Tuesday’s press conference, noting that SABIC’s outlook for Q2-16 and the remainder of the year is positive for the metals and minerals sector.
The sector will see better performance in Q2 as compared to Q1-16, he concluded.
Translated by: Nada Adel Sobhi
