By Assil bin Talib
Riyadh-Mubasher: National Industrialization Co. (Tasnee) is studying some procedures to absorb the increase in feedstock prices which took place at a tough time for the petrochemical sector, said CEO Mutlaq Al-Morished.
The rise in feedstock prices will impact Tasnee by nearly SAR 190 million, Al-Morished told Mubasher.
He added that his company managed to maintain its sales volumes in China, but the sales value declined due to low prices of petrochemical products.
The company does not have any plans currently to issue sukuk or bonds to finance its projects, the CEO said.
“We fired some employees due to the current economic position and restructuring plan, like what happened in Europe, US, Australia and Brazil,” Al-Morished said.
When asked about the merger of petrochemical companies, the CEO said the move is subject to the approvals of such companies.
He added that the Butanol project, an equally-owned joint venture owned by Kayan, Sadara and Tasnee’s subsidiary Saudi Acrylic Acid, is expected to launch its commercial operations in the first half of 2015.
Translated by Abdul Maguid Aboshahla
