Mohamed Al-Mady also says European market for petrochemicals still struggling
US demand for petrochemicals is recovering while the European market continues to struggle, according to the chief executive officer of Saudi Basic Industries Corp, the world’s largest producer.
“We will see Europe stabilize over the few months to come,” Mohamed Al-Mady told reporters in Shanghai on Friday at the groundbreaking ceremony for a $100m technology centre.
While demand growth in China is moderating as the government tries to temper economic growth, consumption from developing economies and the Middle East is compensating, he said.
“Sabic is committed to China as it’s the biggest market in the world,” Al-Mady said. “We have the resources and they have the market and we are connecting these two together.”
The Shanghai facility will focus on advanced engineering plastics materials once construction is completed in 2013.