Saudi's SABIC to set up petrochemical plants in Africa

Saudi Basic Industries Corp (SABIC) is studying opportunities to access the African market and set up new plants there.

Saudi Basic Industries Corp (SABIC) is studying opportunities to access the African market and set up new plants there, the company's chief executive Yousef al-Banyan said on Sunday.

SABIC, the world's fourth-biggest petrochemicals company, reported a 5.4 percent rise in first-quarter net profit on Sunday. The company made a net profit of 5.51 billion riyals (USD 1.47 billion) in the three months to March 31, up from 5.23 billion riyals in the year-earlier period.

At a financial results press conference, the CEO told reporters that the company has more than 27 billion riyals of debt due to mature this year and that options to raise financing through bonds or other instruments are always available.