RIYADH: The CEO of Saudi Arabia's petrochemicals giant, SABIC, sees headwinds to product demand growth this year.
Speaking in a virtual press conference, Yousef Al-Benyan was cautious on his expectations for 2022 and expected demand to be "healthy" compared to last year's levels despite challenges such as high energy prices.
Al-Benyan said: "We expect the same prices for petrochemicals in 2022 as in 2021 but we expect pressures on revenues due to increase in petroleum prices and increase in feedstock costs in addition to pressures on supply chains."
As for future production expansion, he was optimistic to have higher sales with the entry of new factories like the one in Jubail and in the US and China.
The company will also see more feedstock as the Kingdom's is increasing gas output and SABIC's use of more liquid feedstock.