SABIC sees 5% rise in costs after subsidy cuts

30/12/2015 Argaam

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemical producers, expects a five percent increase in annual production costs, due to energy price hikes, the company said in a statement to the Saudi bourse.

 

The company said impact will start in Q1-2016, as its financial results are affected by several factors; including feedstock prices, supply and demand balance, and global market conditions.

 

On Monday, the Saudi Cabinet announced lifting the prices of gas, electricity and water in an attempt to narrow 2016’s budget deficit.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.