GLOBAL PETROCHEMICAL INDUSTRY
Higher output and outlook cheer up Saudi giant Sabic
The world’s fourth-biggest petrochemicals company is counting on the enhanced global economic outlook
Riyadh — Saudi Basic Industries Corporation (Sabic), the world’s fourth-biggest petrochemicals company, said on Sunday it expected positive growth in the second half of this year, and this was backed by an increase in production and enhanced global economic outlook. The comments came after Sabic reported an 81% leap in second-quarter net profit, citing higher selling prices and a jump in sales volumes. The first half of 2018 was "very positive" and Sabic expected the second half of the year to be "equally positive," CEO Yousef al-Benyan told a news conference. Sabic has been a focus of investor attention after Saudi national oil giant Aramco said earlier this month it aimed to buy a stake in Sabic, possibly taking the entire 70% holding owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. Benyan said on Sunday talks on the potential acquisition of a stake in his company are taking place solely between Aramco and the sovereign fund. He said: "I can assure you we...
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