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FINANCIAL NEWS
18% increase in Saudi petrochemical exports in Oct
20 Dec 2010
Saudi Government stated that exports of petrochemicals increased in October month by 18 percent as global prices recovered due to the increase of demand from Asia, Arabian Business reported.
Abdul Rahman Al Zamil, Head of Department of Statistics and Information, said that petrochemical exports went from $797m in September to $939m in October.
Al Zamil said that prices, especially for methanol, increased in October and that they would increase much more in December. He also mentioned that the kingdom intends to add five petrochemical crackers over the coming five years as a part of its plan for increasing petrochemical exports.
It is worth noting that Saudi Arabia holds the world�s largest oil reserves. Its major petrochemical importers in Asia are China, India and Singapore.
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