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Egypt lifts duty on Saudi Arabian polypropylene
10
Jan '13
Egypt has withdrawn the anti-dumping duty imposed on polypropylene imports from Saudi Arabia, Prince Abdul Aziz bin Salman, Saudi Arabian Assistant Minister of Petroleum and Mineral Resources, has said, Arab News reported.
 
According to the Saudi Press Agency, based on the claims that Saudi imports were impairing the domestic industry, Egypt imposed duty on polypropylene manufactured by several petrochemical producers of Saudi Arabia, including Advanced Petrochemical Company, Saudi Basic Industries Corp. (SABIC), National Petrochemical Industrial Company, PetroRabigh and National Industralization Co.
 
Egypt also initiated a probe into imposition of preventive measures against polypropylene imports from Saudi Arabia in April 2012. 
 
Following the investigation, the authorities concluded that imports are not the only cause of detriment to the Egyptian industry, and that levying preventive taxes would not help in addressing the problem.
 
Subsequently, the Egyptian Government rolled back the anti-dumping duty on December 24, 2012, Prince Aziz said.
 
Last year, India ended levying of anti-dumping duty on polypropylene imports from Saudi Arabia. Turkey too dropped the anti-dumping claims against monoethylene glycol imports from SABIC last year after concluding that the company was fulfilling all the norms.
 
Saudi petrochemical firms gain benefit from cheaper availability of feedstock within the kingdom. This lends them a competitive edge over other producers using naphtha, a crude derivative, whose prices have a directly correlation with oil prices.
 

Fibre2fashion News Desk - India


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