JEDDAH, 28 November — Saudi Basic Industries Corp. (SABIC) announced on Monday the signing of a contract with Egypt to export 45,000 tons of methyl tertiary-butyl ether, an anti-pollutant chemical product.
"For the eighth consecutive year, SABIC has won a contract to supply 45,000 tons of MTBE in 2002 to the Egyptian General Petroleum Corp." the vice president of the SABIC group, Fahd ibn Nasser ibn Salma, said in a statement.
The Saudi industrial giant has an annual output of three million tons of MTBE, which is used to produce unleaded petrol.
Net profits of SABIC in the first nine months of this year dropped 37 percent because of falling worldwide demand for petrochemicals along with declining oil prices due to the global economic slowdown.
