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Saudi Basic Industries Corp (Sabic) will next year issue a domestic bond of up to SR1bn to aid its global expansion efforts.

Sabic, the region’s biggest petrochemicals producer, recently said its profits for the first three quarters of 2004 reached around SR9.5bn due to higher global prices for its products.

The firm, the largest on Riyadh’s stock market, has plans to expand into the Mexican and Chinese petrochemical markets.

Sabic is 70% government-owned, with Saudi and Arab Gulf investors holding the remaining equity.