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Sun 26 Dec 2010 02:44 PM

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Saudi Arabia's petchem exports rise 32% in Q2

Exports increased to SR9.59bn ($2.56bn) from SR7.28bn from the year-ago period

Saudi Arabia's petchem exports rise 32% in Q2
PETCHEM RISE: Saudi Arabian petrochemical exports rose 32 percent in value in the third quarter from the year-ago period (Getty Images)

Saudi Arabian petrochemical
exports rose 32 percent in value in the third quarter from the year-ago
period as prices rebounded amid strong demand from Asia and European
Union.

Exports
increased to SR9.59bn ($2.56bn) from SR7.28bn, the Department of Statistics and Information said on its
website on Saturday.

Saudi Arabia, holder of the world’s largest oil
reserves, exported 5.89 million tons of petrochemicals in the third
quarter, 16 percent more than same period last year and a 9.6 increase
from the second quarter.

The volume of
non-oil exports to Asia increased 13 percent from a year earlier, and
it rose 34 percent to the EU, according to the government’s data.

Saudi Arabia is
adding five petrochemical crackers in the next five years and plans to
increase chemical exports.

The kingdom expects to report better
petrochemical exports in the fourth quarter with demand rebounding in
Asia, Abdul Rahman Al Zamil, the head of the Riyadh-based Export
Development Center, said in November.

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