Middle East Economic Survey

VOL. LII

No 17

27-Apr-2009

SAUDI ARABIA

Overseas Operations Push SABIC Into The Red

Saudi Basic Industries Corporation (SABIC) has reported its first quarterly loss in several years as the petrochemical giants overseas operations were hit heavily by the global recession. The loss, which pushed down the companys share price by almost 10% last week, primarily results from impairment charges for write-downs on the companys SABIC Innovative Plastics (SIP) unit, which it...