GCC Six Petrochemical Industry Achieves Profit of US$2.54 Billion
China Drying Network News In the first half of 2012, the petrochemical industry of the six GCC countries realized a profit of US$2.54 billion, a decrease of 25% year-on-year. This data was recently released by Kuwait Global Investment House Research Institute. In the second quarter, the GCC’s petrochemical industry's profits fell by 19.3% year-on-year, mainly due to the reduction in the income of Saudi Basic Industries Corporation (SABIC). SABIC's profits accounted for 55.6% of the total profits of the petrochemical industry of the GCC countries in the second quarter. As petrochemical prices fell 5-10% in the second quarter, petrochemical companies' profits generally declined.
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