20 October 2004 19:42 [Source: ICIS news]
DUSSELDORF, Germany (CNI)--Polyolefin prices will stay high for the rest of this year and to the end of 2005, Mohammed Al-Mady, vice-chairman and chief executive of Saudi Basic Industries Corp (Sabic), forecast here on Wednesday.
In a briefing for journalists attending the K 2004 plastics trade fair, Al-Mady said the European market is looking increasingly balanced, while Chinese demand is steady. The European polyolefins market grew by 4% in 2004, he said, and Asian growth was similar.
He confirmed that Sabic is exploring a project in Mexico with Mexican state oil company Pemex - based around cracking naphtha. He insisted Sabic would want at least 50% of any project or venture as "we have found from experience that a minority stake does not give you control".
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