Asian countries such as China and India were growth drivers despite the earthquake in Japan, CEO says
Saudi Basic Industries Corp's (SABIC) chief executive said he was optimistic on the firm's outlook this year, with growth expected to come in Asian markets.
Mohammed Al Mady also told Reuters on Sunday that SABIC shut down its plant in Japan after a devastating earthquake there but will resume operations on Monday.
He said Asian countries such as China and India were growth drivers despite the earthquake in Japan, while business in Europe was now slightly improving.
"Asia is the biggest growth market for SABIC this year. It is stabilising in Europe, Europe is the weakest market but I think it is improving," Mady said.
"We are very optimistic (that) 2011 will be a good year if not better, in general it will be another good year. Prices are... improving in Asia, America, Europe," Al Mady said.
Al Mady added that around 70 percent of SABICS' products are exported, with the majority to Asia followed by the United States and other markets.
He said a 260,000 tonnes-per-year (tpy) polycarbonate plant at a giant complex in Jubail on the Gulf coast and owned by SABIC's affiliate Saudi Kayan Petrochemicals will start production in the coming months.
Plants at Kayan will come on stream this year and early next year, Mady reiterated. There are sixteen plants at the complex which will have an annual production capacity of around six million tonnes of petrochemicals including ethylene, propylene and ethylene glycol.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.