Sector News

Saudi's SABIC looking for Africa investment opportunities

October 30, 2018
Energy & Chemical Value Chain

Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company is looking for future investment opportunities in Africa, which is a promising market to maintain sales growth, its chief executive said on Sunday.

The outlook for business in the United States, Asia and China remain positive despite some challenges due to high energy prices, Yousef al-Benyan told a news conference.

On Saudi Aramco’s talks to buy a controlling stake in the company from its biggest shareholder Public Investment Fund, he said he had nothing to say at the moment about a deal being discussed between a main shareholder and a future investor.

Earlier, SABIC reported a 5.4 percent rise in third-quarter net profit on Sunday, citing higher average selling prices and increase in sale volumes.

By Marwa Rashad

Source: Reuters

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