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Saudi Arabia’s Sabic Suspends All But Essential Spending

Saudi chemicals maker posts 950 million-riyals quarterly loss
Sabic warns that pandemic could squeeze demand for all of 2020

SABIC Site in Geleen 03 — Source: Saudi Basic Industries Corp.

By

Matthew Martin,

Reema Al Othman, and

May 4, 2020, 5:45 AM UTCUpdated onMay 4, 2020, 10:00 AM UTC

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Saudi Basic Industries Corp. is suspending new capital expenditure after an oil-price slump and coronavirus-related lockdowns pushed the company into a 950 million-riyals loss ($253 million) in the first quarter.