SABIC expects fourth quarter decline

SABIC to feel full impact of credit crunch in Q4

Prince Saud bin Abdullah bin Thunayan Al-Saud, chairman of SABIC
Prince Saud bin Abdullah bin Thunayan Al-Saud, chairman of SABIC

Saudi Basic Industries Corporation (SABIC) has said that it expects its fourth quarter financial results to drop off in comparison with the third quarter, according to Mohamed Al-Madi, the CEO of the company.

Al- Madi told Al-Arabia TV channel on the sideline of the Tianjin project JV signature in China that the credit crunch has ripples “that we haven’t seen yet”.

However Al-Madi stressed the company has the resources to deal with this: “One of the strong aspects of SABIC is the diversification of its products as well as the markets,” explained the CEO.

Meanwhile, Prince Saud bin Abdullah bin Thunayan Al-Saud, chairman of SABIC, has said that Chinese companies will have priority in investment in Saudi Arabia. “The president of Sinopec proposed investments in Saudi Arabia, and as they became our partners, they will have the priority of investing in the Kingdom,” the chairman told Al-Arabia TV.
 

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