Font Size

- Aa +

Wed 19 Oct 2016 08:15 PM

Font Size

- Aa +

Saudi's SABIC expects challenging sales environment in 2017

Petrochemical firms have been hit hard by low oil prices, which have dragged down product prices

Saudi's SABIC expects challenging sales environment in 2017
(Fayez Nureldine/AFP/Getty Images)

The chief executive of Saudi Basic Industries Corp (SABIC) said on Wednesday that he expected the sales environment for its products to be challenging in 2017.

Petrochemical firms have been hit hard by low oil prices, which have dragged down product prices. SABIC reported a 10.8 percent year-on-year drop in third-quarter sales, which contributed to one of the world's largest petrochemicals groups posting a ninth successive profit drop.

Yousef Abdullah al-Benyan added that prices in the metals sector seem to have bottomed out but he expected the pick-up in demand to be gradual.

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.