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Saudi SABIC Slashes Petchems Nov Prices-Report - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – Saudi Basic Industries Corp. (SABIC) has cut November prices for polypropylene and polyethylene by 35 percent versus the previous month due to weakening demand, a Saudi newspaper reported on Monday.

SABIC, the world’s largest chemicals firm by market value, was not immediately available for comment. It was not immediately clear how significant these two products are for the company’s business.

SABIC’s financial statement does not provide a breakdown of its products sales.

SABIC posted its first decline in quarterly net profit in more than two years in the third quarter, and chief executive officer Mohammed Al-Mady said the firm must keep costs at a minimum given the current global turmoil.

The company has said the expected global recession might lead to a decline in demand for products in most of the international markets, in an apparent reference to its own products.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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