By: Majed Al Shabeeb
Riyadh-Mubasher: Saudi Basic Industries Corp.’s (SABIC) CEO said that the company is working on diversifying feedstock sources.
SABIC’s sales grew 10.6% to SAR 34.47 billion in the second quarter of 2016 from SAR 31.15 billion in Q2-15, Yousef Abdullah Al-Benyan, SABIC’s vice chairman and CEO, said in a press conference Thursday.
He added that the company was able to reduce 18% of its costs and increase 3% of production in the second quarter of 2016.
“We aim to apply ‘Fanar Plus’ project in the fourth quarter of the year, which will link all the company’s businesses globally under one umbrella to help increasing the operation and give SABIC a bigger dynamic to deal with its business around the world,” SABIC CEO stated.
Talking about global issues, Al-Benyan expected positive impact on the petrochemical industry if oil prices were stable in Q3, assuring that Brexit will have no impact on SABIC’s business, but on the European group.
By: Sara Ghali
