Saudi Arabia’s SABIC announces weaker results for Q1
The company’s weaker results were attributed to lower average sales prices, softer oil prices and slowing global economic growth.
Saudi petrochemical companies had previously said that they will be facing higher costs following an announcement from the Saudi government of price increases on fuel, water, electricity and gas feedstocks. Accordingly, SABIC’s total annual costs are expected to rise by around 5% as of the first quarter of 2016.
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