SABIC looks forward to the automotive sector and industries in China

21. January. 2010
Elwatan Newspaper

The Executive President of SABIC "Dr.Mohammed Elmady"confirmed in press conference hold at the company headquarters in riyadh yesterday  that the results of the company are not affected by anti-dumping cases against some of their products in some foreign markets, expected resolve these proceedings positively during the coming period.

He adding that Chinese market is seeing an intrance of large saudi companies such as Saudi Aramco and SABIC to benefit from the growth of demand in this market, adding to the ambition of SABIC in partnership with Saudi Aramco.
 
Elmady said; that company has an interest in the automotive sector and industries in China and have products that can contribute to meet those needs, noting that discussions with the Chinese Sinopec Corp. to create new projects in several vital sectors to meet the future needs of the Chinese market in products within the multi-industries.
 
The Executive President of SABIC describe the financial results of the company  "good proclaimed" and exceeded the expectation of analysts and observers, especially after the last quarter net profit amounted to 4.58 billion saudi riyals for 0.31 billion saudi riyals for the corresponding quarter of the previous year, up by 1377%, and 3.65 billion saudi riyals for the previous quarter, up by 26%.
 
On future prices of petrochemical sector in the world, Elmady said; that there is simple improvement in American and European markets, with Chinese market is experiencing a significant demand and growth, expected to continue improvement in petrochemical prices with improved of oil prices.