Weak Global Economy Continues To Weigh On Saudi Petchems
Global economic weakness continued to weigh on Saudi petrochemical and refining companies, with many blaming lower product prices for a drop in third quarter profits. Of the 14 companies from the sector trading on the Kingdom’s Tadawul stock exchange, 10 saw 3Q12 profits fall from 3Q11’s levels (see table). Three of Q311’s four loss-makers stayed in the red, while Petro Rabigh...
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