| The recent decline in global oil prices will prove temporary even if it lasts a year or so, since population growth will ultimately bring higher consumption and prices, the chief executive of Saudi Basic Industries Corp (Sabic) said.
Mohamed al-Mady was speaking to reporters yesterday after the company, one of the world’s largest petrochemical groups and the Gulf’s largest listed company, reported a 4.5% drop in thirdquarter net income, missing analysts’ forecasts. It blamed sluggish third-quarter sales, which edged down to 48.71 billion riyals (RM42.56bil) from 48.80 billion riyals a year earlier...............................................Full Article: Source
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