Tuesday, July 21, 2009

Poor performance in Q2 drives SABIC to boost petrochem output

After posting a 76% drop in Q2 profit, Saudi Basic Industries Corp (SABIC) plans to raise its petrochemicals output by about 12 mln tons by the start of 2012. Lower petrochemicals and metals prices leed to a sharp drop in Q2 net profit compared to the same period in 2008, although it reversed a net loss posted in Q1-09.

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