20 Feb 2011
(MENAFN) The Brussels-based European Commission said that in the first European Union (EU) investigation into trade with Saudi Arabia, the EU is considering putting tariffs on PET from Saudi Arabia and Oman, reported Arab News.
The EU is suspecting that EU producers might have been treated unfairly regarding subsidies and price undercutting. The EU also suspects that the Saudi and Omani makers of polyethylene terephthalate (PET) receive trade-distorting government aid and sell in the USD4.1 billion European market below cost.
The only Saudi producer of the product is Saudi Basic Industries Corporation (SABIC). SABIC, which is currently under investigation, is known for previously receiving a number of subsidies from the government of Saudi Arabia.
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