RIYADH: Petrochemical prices will remain better than last year, even with the 15 percent drop in 2020 compared to 2019, as the market continues to adapt to the effects of the coronavirus pandemic, Mutlaq Al-Morished, CEO of the Saudi National Industrialization Co. (TASNEE), said on Tuesday.
Al-Morished indicated that the company’s annual sales fell by 23 percent to SR2.27 billion ($605.28 million), Al Arabiya reported.
TASNEE posted SR445 million annual losses last year, a 73 percent drop.
Al-Morished attributed this to the loss of the revaluation of Cristal Global’s assets, which were sold to Tronox the previous year, and the financial support provision for its acrylic complex.
He added that the company had halved its debts from SR27 billion at the end of 2015 to SR13 billion by the end of 2020.
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