Sabic CEO sees 2% rise in EU petrochemical demand

24 May 2010

(MENAFN) The Chief Executive Officer at the Saudi Basic Industries Corp. (Sabic), the world’s biggest petrochemicals maker, said that he expects demand to grow 2 percent this year in Europe amid the debt crisis, Bloomberg reported.

The economic crisis has threatened to derail Europe?s economic recovery and has contributed to a 19 percent drop in oil prices this month. Europe?s common currency fell against the dollar on May 19 to its weakest level in four years.

Weakness in Europe is compensated by strong growth in petrochemical demand in China and the U.S., the CEO said. Chinese demand is expected to continue to grow at its current pace, he added.

The company aims to triple petrochemicals production to 130 million tons by 2020, according to the CEO.

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