30 September 2007 15:30 [Source: ICIS news]
Speaking on the sidelines of the 2007 European Petrochemical Association annual meeting he said, however, that 2009, 2010 and 2011 might be “difficult years” for the industry.
He did not expect European cracker operating rates to fall but said the pressure would be on olefins and derivatives prices.
“Our financial performance and that of most petrochemicals players is excellent this near. We will definitively report the best results ever,” Litjens said.
In 2006, SABIC ?xml:namespace>
Its sales in 2007 have been boosted by the acquisition of Huntsman’s European petrochemical assets and their inclusion since 1 January.
SABIC Europe’s sales in 2007 will be greater than €8bn, Litjens said with the new assets in the
“I don’t see any major reason to suggest that demand will go down in 2008,” Litjens said. Some capacity will come on-stream in the
“There were some concerns that the market was past its peak,” Litjens said. “And I am realistic enough to see that somewhere in 2008 and 2009 the economy is going to turn down,” he added.
Yet, the SABIC Europe CEO said, 2008 looks “very fair” for economic development.
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