Sabic studying access to African markets

Saudi Basic Industries Corp (Sabic) is studying opportunities to access the African market and set up new plants there as it seeks to seize investment opportunities overseas, chief executive Yousef Al Benyan said on Sunday.
"We are studying feasibility of some opportunities to set up plants in Africa. There are 3 countries being considered," Al Benyan told a news conference.

Away from Africa, the company has merger and acquisition targets in the United States, Europe and some parts of China, he said, adding that he hoped some of these deals would materialise this year.

Sabic, which is the world's fourth-biggest petrochemicals company, on Sunday reported a 5.4 per cent rise in net profit for the first quarter ended March 31.

Net profit rose to 5.51 billion riyals ($1.47 billion) from 5.23 billion a year earlier.

Gross sales rose 15 per cent to 41.86 billion riyals while production rose 7 per cent.

Al Benyan said the positive outlook for the global economy and a rise in oil prices as well as the kingdom's expansionary budget would help the petrochemicals sector. - Reuters