Sabic: Global chemical prices to continue rise in 2008

Saudi Basic Industries Corp. (SABIC) said it expects global chemical prices to rise in 2008 on further delays in fresh capacity and demand growth in China. “There are new plants coming into the picture towards the middle of the year,” SABIC CEO Mohamed al-Mady said. China import prices for methanol, of which SABIC produced 4.13 million tons last year, ranged between US$330 per ton and US$350 per ton in the third quarter of 2007, compared with US$260 per ton in the previous year. (October 27, 2007)