Sabic upbeat on 2011, to resume Japan ops
Riyadh, March 13, 2011
Saudi Basic Industries Corporation's (Sabic) chief executive said he was optimistic on the firm's outlook this year, with growth expected to come in Asian markets.
Mohammed al-Mady also told Reuters on Sunday that Sabic shut down its plant in Japan after a devastating earthquake there but will resume operations on Monday.
He said Asian countries such as China and India were growth drivers despite the earthquake in Japan, while business in Europe was now slightly improving.
'Asia is the biggest growth market for Sabic this year. It is stabilising in Europe, Europe is the weakest market but I think it is improving,' Mady said.
'We are very optimistic (that) 2011 will be a good year if not better, in general it will be another good year. Prices are ... improving in Asia, America, Europe,' Mady said.
Mady added that around 70 per cent of Sabic's products are exported, with the majority to Asia followed by the United States and other markets.
He said a 260,000 tonnes-per-year (tpy) polycarbonate plant at a giant complex in Jubail on the Gulf coast and owned by Sabic's affiliate Saudi Kayan Petrochemicals will start production in the coming months.
Plants at Kayan will come on stream this year and early next year, Mady reiterated.
There are 16 plants at the complex which will have an annual production capacity of around 6 million tonnes of petrochemicals including ethylene, propylene and ethylene glycol.-Reuters
More Industry, Logistics & Shipping Stories
- DNV to re-certifiy Drydocks World services
- Amphibious boats make global debut in Dubai
- Qatar sets up mixed business incubator
- Non-oil sectors ‘biggest contributors to UAE economy’
- Alba educates customers on best practices
- Spinneys to set up distribution centre at Kizad
- Maritime courses draw more trainees
- Dow to showcase at Dubai coatings expo
- UAE aluminium sector backs Syria refugees
- Asry in big vessel repair milestone
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event