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".
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections