SAUDI ARABIA

 

SABIC Profits Down As Slower Economic Growth Hits Petchem Prices

Saudi Basic Industries Corporation’s (SABIC’s) 2Q12 net income was SR5.30bn ($1.41Bn), falling 35% from 2Q11 and down 27% from 1Q12’s SR7.27bn ($1.94bn). SABIC was hit by the continuous slowdown in global economic growth, especially in Europe, China and North America, which negatively impacted the prices of petrochemical products, it said. The world’s...