Riyadh-Mubasher: Saudi Basic Industries Corp. (SABIC) said it will study the impact of value-added tax (VAT) implemented in the GCC region as one of the key economic reforms.
The petrochemical producer took some internal procedures to lower costs and mitigate the negative effects of higher energy prices on its financial results, according to the board’s report for 2015.
Olefins and industrial gas units improved the feedstock through cracking 130,000 tonnes of C4 liquefied petroleum gas (LPG) in Netherlands, 30% higher than the figure recorded previously, the company said, adding that the relevant VAT reached $8 million.
SABIC also cracked 500,000 tonnes of gas condensate in Netherlands, 25% higher than the figure recorded before, with the relevant VAT reaching $10 million.
