Home / Knowledge / News / Textiles / Room for petrochemical prices to rise till 2017: SABIC
Room for petrochemical prices to rise till 2017: SABIC
22
Jul '14
The US will be able to produce shale gas in large quantities in 2018 and until then there is room for increase in prices of petrochemical products, said Mohamed al-Mady, chief executive of Saudi Basic Industries Corp (SABIC), while addressing a press conference in Riyadh.
 
The press conference was called to announce the second-quarter results of SABIC, in which the Saudi Arabian Government has a 70 percent state. The company is one of the largest petrochemical groups in the world.
 
During the April-June 2014 quarter, SABIC’s net profit increased by 6.95 percent year-on-year to 6.46 billion riyals (US$ 1.72 billion) due to higher production and sales volumes, sales prices for certain products, income from associated companies and other income as well as lower financial charges.
 
According to Mr. al-Mady, the business outlook for 2014 would remain similar to last year and petrochemical prices may remain stable.
 
However, the global outlook for the next three years is positive for petrochemical demand, and there is room for prices to increase. This is because, the production of shale gas, which is a prospective feedstock for petrochemicals, is not likely to go up in the US before 2018, Mr. al-Mady added.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search