Petrochemical prices to remain the same for the next two years: Tasnee CEO

Petrochemical prices to remain the same for the next two years: Tasnee CEO
The GCC region terminal prices reached $8,000, up from $800-850 earlier, resulting in higher prices for end products
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Updated 26 May 2022
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Petrochemical prices to remain the same for the next two years: Tasnee CEO

Petrochemical prices to remain the same for the next two years: Tasnee CEO
  • Prices for propane and butane in Saudi Arabia remained unchanged, as those in Japan rose significantly, where propane prices topped $800 per ton

RIYADH: Petrochemical prices are expected to remain the same through 2022, and likely to continue until 2023, CEO of National Industrialization Co., also known as Tasnee, Mutlaq Al-Morished, said.

Al-Morished told Argaam that petrochemical prices are “very good” for all producers at present, while indicating a marginal decline in some prices.

The price of basic materials such as iron, copper, lead, and aluminum is also high, he added.

The GCC region terminal prices reached $8,000, up from $800-850 earlier, resulting in higher prices for end products.

Prices for propane and butane in Saudi Arabia remained unchanged, as those in Japan rose significantly, where propane prices topped $800 per ton — the highest level in 30 years.

Prices have fallen to $600 per ton today, but they are unattractive to investors building new industries, Al-Morished said.

Established in 1985, Tasnee is one of the largest petrochemical and industrial companies in the Kingdom. It also has interests in metals, industrial services, and environmental technologies.