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Saudi Arabia boosted petrochemical exports in the first two months of the year

April 13/2011

(Bloomberg) -- Saudi Arabia, holder of the worlds largest oil reserves, boosted petrochemical exports in the first two months of the year on rising demand from Asia and increased local production of ethane, a feedstock. The country shipped 4.65 mln MT of petrochemicals from its ports in January and February, up 6.8 percent from 4.35 mln a year earlier, Saudi Ports Authority said yesterday on its website.


Saudi Arabia increased crude output by 300.000 barrels a day to 8.7 million in February, according to a Bloomberg survey of producers, analysts and oil companies.


Saudi Aramco plans to increase its drilling rigs by 28 percent this year, allowing for more natural gas to be extracted, the investment bank said. Demand from countries including China and India should also boost petrochemical makers first-quarter results, it said.


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