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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.

Updated on

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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.