Saudi Chemical Giant Sees Weak Global Demand Extending Into 2024
- Sluggish growth is likely to weigh on sector, Sabic CEO says
- Sabic is working with Aramco to turn more crude into chemicals
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The head of Saudi Arabia’s largest chemicals producer warned of another difficult year for the industry in 2024, as the outlook for the global economy remains weak.
Demand for chemicals — used to make plastics that go into anything from cars to mobile phones — has been hit by sluggish growth amid a slower-than-expected rebound from the Covid-19 pandemic. Margins in the sector have also been squeezed by inflation and higher energy costs.