Saudi Arabia’s Petrochemical Exports Rise 32% in Third Quarter

Saudi Arabian petrochemical exports rose 32 percent in value in the third quarter from the year-ago period as prices rebounded amid strong demand from Asia and European Union.

Exports increased to 9.59 billion riyals ($2.56 billion) from 7.28 billion riyals, the Department of Statistics and Information said on its website yesterday. Saudi Arabia, holder of the world’s largest oil reserves, exported 5.89 million tons of petrochemicals in the third quarter, 16 percent more than same period last year and a 9.6 increase from the second quarter.

The volume of non-oil exports to Asia increased 13 percent from a year earlier, and it rose 34 percent to the EU, according to the government’s data.

Saudi Arabia is adding five petrochemical crackers in the next five years and plans to increase chemical exports. The kingdom expects to report better petrochemical exports in the fourth quarter with demand rebounding in Asia, Abdul-Rahman al-Zamil, the head of the Riyadh-based Export Development Center, said in November.