Saudi SABIC Foresees H2 Strong Performance

Saudi SABIC Foresees H2 Strong Performance
The SABIC Industrial Complex for Research and Development, Riyadh.

Saudi Basic Industries Corporation (SABIC), the kingdom’s Petrochemicals giant, expected to continue its strong performance in H2 2021, encouraged by the $2 billion profit in Q2, the energy demands and the rising oil prices, Reuters reported.

“Average selling prices rose by more than 10% backed by oil price increases and healthier demand.

We expect the second half of 2021 to be similar to the first half,” Yousef al-Benyan, SABIC’s CEO, noted in a virtual news conference.

In Q2 2021, the company’s sales increased by 72.3% reaching around $11.3 billion, compared to approximately $6.6 billion a year earlier.

SABIC is the fourth largest petrochemical company across the world in terms of sales, and it is 70% owned by Saudi Aramco.

Sarah Samir 2752 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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