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FINANCIAL NEWS
Saudi’s petchem exports hit $2.56b in Q3
27 Dec 2010
(MENAFN) Abdul Rahman Al Zamil, head of Riyadh-based Export Development Center, revealed that Saudi Arabia’s petrochemical exports during the July-September period of 2010 hit $2.56 billion, up from $1.94 billion, year on year, registering a 32 percent surge, Bloomberg reported.
According to the Department of Statistics and Information, the rise in petchem exports was driven by strong demand from Asia and the European Union (EU), whereas the Kingdom exported 5.89 million tons during the mentioned period, amounting to a 16 percent jump, year on year, and a 9.6 rise compared to the previous quarter.
Official data showed that the volume of non-oil exports to Asia increased 13 percent from a year earlier, and it rose 34 percent to the EU. Furthermore, Saudi Arabia, holder of the world’s largest oil reserves, is adding five petrochemical crackers in the next five years and plans to increase chemical exports.
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