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(Arabian Oil and Gas) --
Increased sales to the second half of 2011 has led gross profits of Saudi
International Petrochemical Company “Sipchem” to jump 87% to USD 44mln compared
to USD 23.3 mln by the same period in 2010, according to Ahmed al-Ohali, CEO of
Sipchem.
The CEO said in an interview with Al Arabiya TV channel that methanol and
butanediol prices have jumped 15% in the second quarter compared to first
quarter as some plants were shutdown in addition to the soaring demand from
European markets.
Al-Ohali expected demand to stabilise in the third quarter of this year
due holiday season, in addition to negotiations for the next year’s contracts
which is generally take place in the third quarter of every year.
Al-Ohali said he expected Sipchem's ongoing projects, which include the
LDPE project and the ethyl acetate project, to be completed by
mid-2013.
mrcplast.com
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