The Saudi petrochemicals industry generates around $12 billion, said Yousef Al-Benyan, Deputy Chairman of Saudi Basic Industries Corp’s (Sabic), Zawya Reuters reported.

Sabic’s domestic sales reached 2.7 million tons, covering around 94% of the kingdom’s consumption, Al- Benyan pointed out

The corporation recorded a net profit reaching $4.8 billion during the first nine months of 2018, increasing by 24.

23% year-on-year (YoY) from $3.93 billion last year.

In Q3 of 2018, the company generated a net profit of $1.63 billion, a 5.35% YoY increase from $1.54 billion.

Al Benyan further indicated that Saudi Arabia currently owns over 2,000 plastic plants.