SABIC expects strong global petrochemical demand

10 Mar 2011

(MENAFN) The chief executive of Saudi Basic Industries Corporation (SABIC), Mohamed Al-Mady, said that despite increasing oil prices, the company expects to see strong global demand for petrochemicals in 2011 similar to the growth levels of 2010, reported Arab News.

Al-Mady said that the growth is expected to be led by Asian and the Middle Eastern markets.

In 2010, SABIC saw a 2 percent growth in demand in Europe and about 3 percent in the US and 4 to 5 percent in the Middle East and other fast-growing markets.

The CEO added that SABIC predicts that petrochemicals prices are going to increase in line with oil prices, which recently hit USD120 a barrel.

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