Saudi Petrochemical SABIC Profit Up 61%

Better global pricing drove results

SABIC on July 17 announced first half profits of 8.1 billion riyals (US$2.16 billion), a 61% rise compared to the same period of 2010.

Saudi Basic Industries Corporation, which produces fertilizers, methanol and plastics, attributed the jump in earnings to increased production and better prices in the world market.

SABIC is the largest publicly traded firm in the Gulf and one of the world's major petrochemicals groups.

Copyright Agence France-Presse, 2011

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