Sunday, November 30, 2014

«SABIC»: fears of a drop in oil prices

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Confirmed the CEO of SABIC, and Chairman of Gulf Union Petrochemical Management, Engineer Mohamed Al-Mady, the drop in oil prices this rate gave preference to competitors for Saudi firms, due to their dependence on liquid fuel. And about the vulnerability of the petrochemical sector of lower oil prices, last said in a press statement: the direct effect is to make the competitors put us in the best economically, because they rely on liquid .. and this will not affect us strongly. He continued: Oil drop reduces the price of raw materials to competitors for Saudi firms, and affect the prices of petrochemical products in the market. SABIC produces about 5%, of the petrochemical sector in the world, where he occupies the fourth place in the world. Expected last engineer, to be a success only to companies, which provide products and services, procedures and innovative business models, to help them achieve a competitive advantage, in light of the prevailing economic climate in the field of chemical industry, saying that innovation a key pillar to anticipate global economic changes versus relying on feedstock, he pointed out that "despite the abundance of feedstock is the economic advantage of the Gulf chemical industry, but the countries in the region can not rely exclusively on natural resources for future growth." Saudi Arabia is the largest producer of petrochemicals in the region, increased by 74.9%, of the total output of the chemical industry in the region, last year, with sales of $ 66.9 billion, followed by Qatar with sales of $ 11.5 billion.

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