SABIC can adapt to new petchem supply from outside kingdom -acting CEO

18/01/2016 13:18 AST

Saudi Basic Industries Corp (SABIC) can adapt to any new petrochemicals supply that enters the market from outside the kingdom, its acting chief executive said on Monday, as Iran's release from sanctions promises increased supply on the global oil market.

Yousef Abdullah al-Benyan told a news conference in Riyadh that he wasn't sure about the state of Iran's petrochemicals industry but, in general, it takes between three and five years to come to market, start producing and then ramp up production.

He added that the company had begun cost-cutting in 2015 and it hoped to see the benefits of this programme in the coming year. It would also help SABIC to absorb a rise in feedstock prices announced by the government at the end of last year.

SABIC, one of the world's largest petrochemicals companies, announced a 29.4 percent drop in fourth-quarter net profit on Sunday, its sixth straight quarterly profit decline, as lower oil prices continued to drag on earnings.


Reuters

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