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Increased sales to the second half of 2011 led gross profits of Sipchem

July 18/2011

(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 years 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.

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