Advanced chairman expects improved prices to continue on higher demand

Khalifa Al Mulhem, Chairman of Advanced

Advanced Petrochemical Co.’s board chairman Khalifa Al Mulhem said that he expects improvement to continue on growing demand, which will reflect on product prices especially amid the global economic recovery and strong turnout for the COVID-19 vaccine.

The petrochemicals market demonstrated very strong performance in the first quarter of 2021, thanks to an increase in the prices of polypropylene, polyethylene and other petrochemical derivatives by 20-25% amid better demand, Al Mulhem told Argaam in a telephone interview.

He added that he expects global economic recovery to return to normal levels by the end of summer.

Commenting on the petrochemicals complex in Jubail Industrial City, Al Mulhem said that the latest technologies will be deployed for the first time in the Kingdom. These technologies will help Advanced generate the biggest return from the allocated feedstock, he pointed out, noting that there will be major developments in infrastructure, in addition to the integration with the company’s current production.

Advanced subsidiary, Advanced Global Investment Co. (AGIC), received on March 9, 2021, the Ministry of Energy’s approval for allocating the required quantities of feedstock to set up a petrochemical complex project in Jubail Industrial City.