Saudi Arabia's revenues from petrochemical exports are expected to hit a 4 year high this year.
Higher prices and a big jump in production of petrochemicals and fertilizers by state owned Saudi Basic Industries Corp. (Sabic) hiked Sabic's net income for the first 9 months of 1994 by 76% to $661.3 million from the prior year period.
Sabic's output of petrochemicals, fertilizers, other chemicals, and other petroleum based products increased to 14 million metric tons in the first 3 quarters of 1994 from 11 million tons a year ago.
Sabic's sales totaled $2.59 billion in the period, up from $1.95 billion in the first 9 months of 1993. Total revenues rose 34% to $2.7 billion. Assets rose 10.7% to $10.21 billion at the end of September from the prior year period.
Saudi Arabia's petrochemical production currently accounts for more than half the Arab world's production of 14 million tons/year. The Saudi government has begun an expansion drive expected to boost petrochemical productive capacity to 20 million tons/year.
The government holds a 70% interest in Sabic, with 20% held by Saudi business interests and 10% by other Persian Gulf area investors.
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