SABIC to boost output by 2012

Saudi Basic Industries Corp. (SABIC) said it would raise petrochemicals output by about 12 million tons by the start of 2012 after it posted a 76% drop in second-quarter profit. SABIC said lower petrochemicals and metals prices caused the sharp drop in second-quarter net profit, although it reversed a net loss in the first-quarter of 2009. The planned output increase will mainly come from a 3.2 million-ton joint venture with China’s Sinopec and within Saudi Arabia from Yanbu National Petrochemical Co. and the expanded Asharq petrochemical plant. (July 22, 2009)